MONTREAL — MTY Food Group Inc. reported a loss in its fourth quarter compared with a profit a year earlier as it was hit by one-time impairment charges related to its Papa Murphy’s brand.

The franchisor and operator of restaurants says its loss amounted to $55.3 million or $2.34 per diluted share for the quarter ended Nov. 30.

The result compared with a profit of $16.4 million or 67 cents per diluted share a year earlier.

MTY says the results in its most recent quarter included $64.6 million in impairment charges mostly on goodwill related to Papa Murphy’s due to lower-than-expected performance and lower expected future growth.

Revenue for the quarter totalled $284.5 million, up from $280.0 million.

MTY has dozens of brands including Manchu Wok and Mr. Sub as well as Baton Rouge and Scores.

This report by The Canadian Press was first published Feb. 14, 2025.

Companies in this story: (TSX:MTY)

The Canadian Press