PIZZA PIZZA ROYALTY CORP. ANNOUNCES FOURTH QUARTER 2024 RESULTS

Canada NewsWire

TORONTO, March 31, 2025

TORONTO, March 31, 2025 /CNW/ - Pizza Pizza Royalty Corp. (the "Company") (TSX: PZA), which indirectly owns the Pizza Pizza and Pizza 73 Rights and Marks, released financial results today for the three months ("Quarter") and twelve months ("Year") ended December 31, 2024.

Fourth Quarter highlights:

   -- Same store sales(2) decreased 3.8% 
 
   -- Royalty Pool sales decreased 2.1% 
 
   -- Adjusted earnings per share(5) decreased 3.9% 
 
   -- Restaurant network increased by seven net locations 

2024 Full Year highlights:

   -- Same store sales(2) decreased 3.0% 
 
   -- Royalty Pool sales decreased 1.2% 
 
   -- Adjusted earnings per share(5) decreased 2.7% 
 
   -- Restaurant network increased by 23 net locations 
 
   -- Royalty Pool of restaurants for 2024 increased by 31 net restaurants on 
      January 1, 2024 

"With 48 new Pizza Pizza and P73 restaurants opened in 2024, we are pleased with our continued paced of expansion across Canada," said Paul Goddard, President and CEO of Pizza Pizza Limited. "During the fourth quarter, in response to the continued challenging economic environment, we further leveraged our strong everyday value position with strategic offerings. These innovative and creative bundles were supported by effective marketing spend across multiple channels, designed to drive incremental traffic and customer frequency."

SALES

Royalty Pool System Sales for the Quarter decreased 2.1% to $160.5 million from $163.9 million in the same quarter last year. By brand, sales from the 672 Pizza Pizza restaurants in the Royalty Pool decreased 2.4% to $137.7 million for the Quarter compared to $141.1 million in the same quarter last year. Sales from the 102 Pizza 73 restaurants decreased 0.2% to $22.8 million for the Quarter compared to $22.9 million in the same quarter last year.

Royalty Pool System Sales for the Year decreased 1.2% to $620.6 million from $628.3 million in 2023. By brand, for the Year, sales from the 672 Pizza Pizza restaurants in the Royalty Pool decreased 1.8% to $534.8 million compared to $544.4 million in the prior year. Sales from the 102 Pizza 73 restaurants increased 2.3% to $85.8 million for the Year compared to $83.9 million in 2023.

For the Quarter and Year, the change in Royalty Pool System Sales is primarily driven by the effects of new restaurants added to the Royalty Pool on January 1, 2024 and the same store sales. The Royalty Pool System Sales for the Year also benefitted from the extra day of sales in February 2024 due to the leap year. Additionally, while the number of restaurants in the Pizza 73 Royalty Pool remains less than in 2019 when there were 104 restaurants, the negative impact on Royalty Pool System Sales due to prior year restaurant closures has been mitigated by the Make-Whole Carryover Amount.

SAME STORE SALES GROWTH ("SSSG")

SSSG, the key driver of yield growth for shareholders of the Company, decreased 3.8% (2023 -- increased 4.0%) for the Quarter, and decreased 3.0% for the Year (2023 -- increased 8.2%). SSSG is not affected by the additional day during the leap year, as SSSG is calculated using a 13- and 52-week comparative basis.

 
SSSG          Fourth Quarter(%)    Year(%) 
              2024       2023      2024  2023 
Pizza Pizza        -4.3       3.5  -3.8   8.4 
Pizza 73           -0.7       7.3   2.3   7.2 
Combined           -3.8       4.0  -3.0   8.2 
 

SSSG is driven by the change in the customer check and customer traffic, both of which are affected by changes in pricing and sales mix. During the Quarter and Year, consistent with the general market trends, at both brands restaurant traffic decreased due to the current economic situation and its impact on consumer discretionary spending, and was also impacted by the heightened competitive landscape. The average customer check for the Pizza Pizza brand decreased in the Quarter, and was relatively flat for the Year, as the brand introduced new value-oriented offerings. At Pizza 73, during the Quarter and Year, the average check increased.

MONTHLY DIVIDENDS AND WORKING CAPITAL RESERVE

The Company declared shareholder dividends of $5.7 million for the Quarter, or $0.2325 per share, compared to $5.7 million, or $0.230 per share, for the prior year comparable quarter. The payout ratio is 104% for the Quarter and was 96% in the prior year, comparable quarter.

The Company declared shareholder dividends of $22.9 million for the Year, or $0.93 per share, compared to $21.8 million, or $0.8875 per share, in 2023. The payout ratio is 110% for the Year and was 97% in 2023. The Company's policy is to distribute all available cash in order to maximize returns to shareholders over time, after allowing for reasonable reserves. Despite seasonal variations inherent to the restaurant industry, the Company's policy is to make equal dividend payments to shareholders on a monthly basis in order to smooth out income to shareholders.

The Company's working capital reserve, excluding the credit facility, is $6.1 million at December 31, 2024, which is a decrease of $2.2 million in the Year due to the decrease in royalty income and the 104% payout ratio. The reserve is available to stabilize dividends and fund other expenditures in the event of short- to medium-term variability in System Sales and, thus, the Company's royalty income. The Company has historically targeted a payout ratio at or near 100% on an annualized basis.

EARNINGS PER SHARE ("EPS")

Fully-diluted basic EPS decreased 3.6% to $0.240 for the Quarter compared to the prior year comparable quarter.

As compared to basic EPS, the Company considers adjusted EPS(5) to be a more meaningful indicator of the Company's operating performance and, therefore, presents fully diluted, adjusted EPS. Adjusted EPS for the Quarter decreased 3.9% to $0.245 when compared to the prior year comparable quarter.

RESTAURANT DEVELOPMENT

As previously announced, the number of restaurants in the Company's Royalty Pool increased by 31 locations to 774 on the January 1, 2024 Adjustment Date, and consists of 672 Pizza Pizza restaurants and 102 Pizza 73 restaurants. The number of restaurants in the Royalty Pool was unchanged through 2024.

During the Quarter, Pizza Pizza Limited ("PPL") opened eight traditional and three non-traditional Pizza Pizza restaurants, and closed three non-traditional Pizza Pizza restaurants. PPL also opened one traditional and one non-traditional Pizza 73 restaurant, and closed three non-traditional Pizza 73 restaurants.

During the Year, PPL opened 21 traditional and 23 non-traditional Pizza Pizza restaurants, and closed three traditional and 19 non-traditional Pizza Pizza restaurants. PPL also opened two traditional and two non-traditional Pizza 73 restaurants, and closed three non-traditional Pizza 73 restaurants.

PPL management expects to grow its traditional restaurant network by 3-4% and continue its renovation program through 2024.

Readers should note that the number of restaurants added to the Royalty Pool each year may differ from the number of restaurant openings and closings reported by PPL on an annual basis as the Years for which they are reported differ slightly.

CREDIT FACILITY

On June 19, 2024, in response to the cessation of the Canadian Dollar Offered Rate ("CDOR"), the benchmark interest rate on bankers' acceptances, the credit facility was amended. The amendment transitioned the $47.0 million term loan from bankers' acceptances to Canadian Overnight Repo Rate Average ("CORRA") loans. The remaining terms and conditions are consistent with those of the previous credit facility. The fixed interest rate on the swaps remained unchanged with this amendment, and the effective interest rate remained at 2.685% for the Quarter and Year.

Subsequent to December 31, 2024, the Company's existing credit facility was extended for three-years with new maturity date of April 24, 2028. Mandatory repayment remains interest-only until the loan matures. The facility will bear interest at CORRA rate plus a credit spread of 1.00% to 1.50%, depending on the level of certain financial ratios.

SELECTED FINANCIAL HIGHLIGHTS

The following tables set out selected financial information and other data of the Company and should be read in conjunction with the December 31, 2024 audited consolidated financial statements of the Company ("Financial Statements"). Readers should note that the 2024 results are not directly comparable to the 2023 results due to there being 774 restaurants in the 2024 Royalty Pool compared to 743 restaurants in the 2023 Royalty Pool.

 
(in thousands of dollars, excep  Three monthsendedDecember 31,  Three monthsendedDecember 31,  Twelve monthsended  Twelve monthsended 
t number ofrestaurants, days in 
 the year, per share amounts,an 
d noted otherwise) 
                                  2024                           2023                           December 31,        December 31, 
                                                                                                2024                2023 
 
Restaurants in Royalty Pool(1)                             774                            743                 774                 743 
Same store sales growth(2)                              -3.8 %                          7.0 %              -3.0 %               8.2 % 
Days in the Year                                            92                             92                 366                 365 
 
System Sales reported by Pizza 
 Pizza restaurants in 
 the Royalty Pool(6)                                 $ 137,721                      $ 141,051           $ 534,768           $ 544,388 
System Sales reported by Pizza 
 73 restaurants in the 
 Royalty Pool(6)                                        22,820                         22,861              85,783              83,949 

Total System Sales                                   $ 160,541                      $ 163,912           $ 620,551           $ 628,337 
 
Royalty -- 6% on Pizza Pizza 
 System Sales                                            8,264                          8,463            $ 32,086            $ 32,663 
Royalty -- 9% on Pizza 73 
 System Sales                                            2,053                          2,058               7,721               7,556 
Royalty income                                        $ 10,317                       $ 10,521            $ 39,807            $ 40,219 
 
Interest paid on borrowings(3) 
 (5)                                                     (326)                          (323)             (1,286)             (1,280) 
Administrative expenses                                  (221)                          (229)               (717)               (643) 
Interest income                                             70                            115                 386                 378 
Adjusted earnings available for 
 distribution to the 
 Company and Pizza Pizza 
 Limited(5)                                            $ 9,840                       $ 10,084            $ 38,190            $ 38,674 
Distribution on Class B and 
 Class D Exchangeable Shares(4)                        (2,584)                        (2,370)            (10,624)             (9,117) 
Current income tax expense                             (1,767)                        (1,834)             (6,839)             (7,002) 
Adjusted earnings available for 
 shareholder dividends(5)                              $ 5,489                        $ 5,880              20,727            $ 22,555 
Add back: 
Distribution on Class B and 
 Class D Exchangeable Shares(4)                          2,584                          2,370              10,624               9,117 
Adjusted earnings from 
 operations(5)                                         $ 8,073                        $ 8,250              31,351            $ 31,672 
 
Adjusted earnings per share(5)                         $ 0.245                        $ 0.255             $ 0.953             $ 0.979 
Basic earnings per share                               $ 0.240                        $ 0.249             $ 0.941             $ 0.958 
 
Dividends declared by the 
 Company                                               $ 5,724                        $ 5,662            $ 22,895            $ 21,849 
Dividend per share                                    $ 0.2325                        $ 0.230             $ 0.930            $ 0.8875 
Payout ratio(5)                                          104 %                           96 %               110 %                97 % 
 
                                                                                                     December 31,        December 31, 
                                                                                                             2024                2023 
Working capital(5) (7)                                                                                 $ (40,908)             $ 8,236 
Total assets                                                                                            $ 373,745           $ 370,092 
Total liabilities                                                                                        $ 75,527            $ 76,184 
 
 
 
(1)  The number of restaurants for which the Pizza Pizza 
      Royalty Limited Partnership (the "Partnership") earns 
      a royalty ("Royalty Pool"), as defined in the amended 
      and restated Pizza Pizza license and royalty agreement 
      (the "Pizza Pizza License and Royalty Agreement") 
      and the amended and restated Pizza 73 license and 
      royalty agreement (the "Pizza 73 License and Royalty 
      Agreement") (together, the "License and Royalty Agreements"). 
      For the 2023 fiscal year, the Royalty Pool includes 
      644 Pizza Pizza restaurants and 99 Pizza 73 restaurants. 
      The number of restaurants added to the Royalty Pool 
      each year may differ from the number of restaurant 
      openings and closings reported by Pizza Pizza Limited 
      ("PPL") on an annual basis as the Years for which 
      they are reported differ slightly. 
(2)  Same store sales growth ("SSSG") is a supplementary 
      financial measure under NI 52-112 and therefore may 
      not be comparable to similar measures presented by 
      other issuers. SSSG means the change in Year's gross 
      revenue of a particular Pizza Pizza or Pizza 73 restaurant 
      as compared to sales in the previous comparative Year, 
      where the restaurant has been open at least 13 months. 
      Additionally, for a Pizza 73 restaurant whose restaurant 
      territory was adjusted due to an additional restaurant, 
      the sales used to derive the Step-Out Payment (calculated 
      as the difference between the average monthly Pizza 
      73 Royalty payment attributable to that Adjusted Restaurant 
      in the 12 months immediately preceding the month in 
      which the territory reduction occurs, less the Pizza 
      73 Royalty payment attributable to the restaurant 
      in the current month) may be added to sales to arrive 
      at SSSG. SSSG does not have any standardized meaning 
      under International Financial Reporting Standards 
      ("IFRS"). See "Exhibit One: Reconciliation of Non-IFRS 
      Measures". 
(3)  The Company, indirectly through the Partnership, incurs 
      interest expense on the $47 million outstanding bank 
      loan. Interest expense also includes amortization 
      of loan fees. 
(4)  Represents the distribution to PPL from the Partnership 
      on Class B and Class D Units of the Partnership. The 
      Class B and D Units are exchangeable into common shares 
      of the Company ("Shares") based on the value of the 
      Class B Exchange Multiplier and the Class D Exchange 
      Multiplier at the time of exchange as defined in the 
      License and Royalty Agreements, respectively, and 
      represent 25.2% of the fully diluted Shares at September 
      30, 2024 (December 31, 2023 -- 23.9%). During the 
      quarter ended March 31, 2024, as a result of the final 
      calculation of the exchangeable Class B and Class 
      D Share entitlements related to the January 1, 2023 
      Adjustment to the Royalty Pool, PPL was paid a distribution 
      on additional exchangeable Shares as if such Shares 
      were outstanding as of January 1, 2023. Included in 
      the three months ended March 31, 2024, is the payment 
      of $288,000 in distributions to PPL pursuant to the 
      true-up calculation (March 31, 2023 - PPL received 
      $nil). 
(5)  "Adjusted earnings available for distribution to the 
      Company and Pizza Pizza Limited", "Adjusted earnings 
      from operations", "Adjusted earnings available for 
      shareholder dividends", "Adjusted earnings per Share", 
      "Interest paid on borrowings", "Payout Ratio", and 
      "Working Capital" are non-GAAP financial measures 
      under NI 52-112. They do not have any standardized 
      meaning under IFRS and therefore may not be comparable 
      to similar measures presented by other issuers. See 
      "Exhibit One: Reconciliation of Non-IFRS Measures". 
(6)  System Sales (as defined in the License and Royalty 
      Agreements) reported by Pizza Pizza and Pizza 73 restaurants 
      include the gross sales of Pizza Pizza company-owned, 
      jointly-controlled and franchised restaurants, and 
      the monthly Make-Whole Payment, excluding sales and 
      goods and service tax or similar amounts levied by 
      any governmental or administrative authority. System 
      Sales do not represent the consolidated operating 
      results of the Company but are used to calculate the 
      royalties payable to the Partnership as presented 
      above. 
(7)  Working capital includes the reclassification of the 
      credit facility to current liabilities, see "Exhibit 
      One: Reconciliation of Non-IFRS Measures - Working 
      Capital". 
 

A copy of the Company's interim consolidated financial statements and related Management's Discussion and Analysis ("MD&A") will be available at www.sedarplus.ca and www.pizzapizza.ca after the market closes on March 31, 2025.

As previously announced, the Company will host a conference call to discuss the results. The details of the conference call are as follows:

 
Date:                       March 31, 2025 
Time:                       5:30 p.m. ET 
Call-in number:                          416-945-7677 / 888-699-1199 
Recording call in number:                646-517-4150 / 888-660-6345 
                            Available until midnight, April 14, 2025 
Conference ID:                                                64738# 
 

A recording of the call will also be available on the Company's website at www.pizzapizza.ca.

FORWARD-LOOKING STATEMENTS

Certain statements in this report, including information regarding the Company's dividend policy, its ability to meet covenants and other financial obligations, and the potential business and financial impacts of the COVID-19 pandemic on the Company, PPL and its franchisees and restaurant operators and their ability to achieve their business objectives, constitute "forward-looking" statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this report, such statements include such words as "may", "will", "expect", "believe", "plan", and other similar terminology in conjunction with a discussion of future events or operating or financial performance. These statements reflect management's current expectations regarding future events and operating and financial performance and speak only as of the date of this MD&A. The Company does not assume any obligation to

update any such forward looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. These forward-looking statements involve a number of risks and uncertainties. The following are some factors that could cause actual results to differ materially from those expressed in or underlying such forward-looking statements: changes in national and local business and economic conditions including those resulting from the COVID-19 pandemic (such as customers' ability and willingness to visit restaurants and their perception of health and food safety issues, discretionary spending patterns and supply chain limitations, and the related financial impact on PPL and its franchisees and restaurant operators), impacts of legislation and governmental regulation, accounting policies and practices, competition, changes in demographic trends and changing consumer preferences, and the results of operations and financial condition of PPL. The foregoing list of factors is not exhaustive and should be read in conjunction with the other information included in the foregoing MD&A, the PPL financial statements for the Year ended December 31, 2024 and the related MD&A and the Company's Annual Information Form.

www.pizzapizza.ca and www.pizza73.com or www.sedarplus.ca.

Exhibit One: Reconciliation of Non-IFRS Measures

The Company's earnings, as presented under IFRS includes non-cash items, such as deferred tax, that do not affect the Company's business operations or its ability to pay dividends to shareholders. The Company believes its earnings are not the only, or most meaningful, measurement of the Company's ability to pay dividends or measure the rate at which the Company is paying out its earnings. Therefore, the Company reports the following non-IFRS measures:

   -- Adjusted earnings available for distribution to the Company and PPL; 
 
   -- Adjusted earnings from operations; 
 
   -- Adjusted earnings available for shareholder dividends; 
 
   -- Adjusted earnings per share ("EPS"); 
 
   -- Payout Ratio; and 
 
   -- Working Capital. 

The Company believes that the above noted measures provide investors with more meaningful information regarding the amount of cash that the Company has generated to pay dividends, and, together with Interest Paid on Borrowings and SSSG, help illustrate the Company's operating performance and highlight trends in the Company's business. These measures are also frequently used by analysts, investors, and other interested parties in the evaluation of issuers in the Company's sector, particularly those with a royalty-based model. The adjustments to net earnings as recorded under IFRS relate to non-cash items included in earnings and cash payments accounted for on the statement of financial position. Investors are cautioned, however, that this should not be construed as an alternative to net earnings as a measure of profitability. The method of calculating the Company's NI 52-112 non-IFRS financial measures: Adjusted earnings available for distribution to the Company and Pizza Pizza Limited, Adjusted earnings from operations, Adjusted earnings available for shareholder dividends, Adjusted EPS, Payout Ratio, Working Capital, Interest Paid on Borrowings and SSSG for the purposes of this MD&A may differ from that used by other issuers and, accordingly, these measures may not be comparable to similar measures used by other issuers.

The table below reconciles the following to "Earnings for the Year before income taxes" which is the most directly comparable measure calculated in accordance with IFRS:

   -- Adjusted earnings available for distribution to the Company and Pizza 
      Pizza Limited; 
 
   -- Adjusted earnings from operations; and 
 
   -- Adjusted earnings available for shareholder dividends. 
 
(in thousands of    2024        Q4 2024     Q3 2024     Q2 2024     Q1 2024 
dollars, except 
number of shares) 
Earnings for the 
 Year before 
 income taxes           38,190       9,840       9,566       9,557       9,227 
Adjusted earnings 
 available for 
 distribution to 
 the 
 Company and Pizza 
 Pizza Limited          38,190       9,840       9,566       9,557       9,227 
Current income tax 
 expense               (6,839)     (1,767)     (1,714)     (1,712)     (1,646) 
Adjusted earnings 
 from operations        31,351       8,073       7,852       7,845       7,581 
Less: Distribution 
 on Class B and 
 Class D 
 Exchangeable 
 Shares               (10,624)     (2,584)     (2,584)     (2,584)     (2,872) 
Adjusted earnings 
 available for 
 shareholder 
 dividends              20,727       5,489       5,268       5,261       4,709 
Weighted average 
 Shares -- diluted  32,908,631  32,908,631  32,908,631  32,908,631  32,908,631 
 
 
(in thousands of          2023     Q4 2023     Q3 2023     Q2 2023     Q1 2023 
dollars, except 
number of shares) 
Earnings for the 
 Year before 
 income taxes           38,674      10,084      10,080       9,742       8,768 
Adjusted earnings 
 available for 
 distribution to 
 the 
 Company and Pizza 
 Pizza Limited          38,674      10,084      10,080       9,742       8,768 
Current income tax 
 expense               (7,002)     (1,834)     (1,833)     (1,766)     (1,568) 
Adjusted earnings 
 from operations        31,672       8,250       8,247       7,976       7,200 
Less: Distribution 
 on Class B and 
 Class D 
 Exchangeable 
 Shares                (9,117)     (2,370)     (2,316)     (2,255)     (2,176) 
Adjusted earnings 
 available for 
 shareholder 
 dividends              22,555       5,880       5,931       5,721       5,024 
Weighted average 
 Shares -- diluted  32,337,580  32,337,580  32,337,580  32,337,580  32,337,580 
 

The Basic EPS and the Adjusted EPS calculations are based on fully diluted weighted average shares, and both include PPL's Class B and Class D Exchangeable Shares since they are exchangeable into and economically equivalent to the Shares. See "Adjusted EPS".

Adjusted EPS is calculated by dividing Adjusted earnings from operations, as explained above, by the fully diluted weighted average shares.

 
Basic EPS is    Three months ended              Year ended 
adjusted as 
follows: 
                December        December        December        December 
                31,2024         31,2023         31,2024         31,2023 
Basic EPS              $ 0.240         $ 0.249         $ 0.941         $ 0.958 
Adjustments: 
Deferred tax 
 expense                 0.005           0.006           0.012           0.021 
Adjusted EPS           $ 0.245         $ 0.255         $ 0.953         $ 0.979 
 

Payout Ratio is a non-IFRS financial measure that does not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. The Company presents the Payout Ratio to illustrate the earnings being returned to shareholders. The Company's Payout Ratio is calculated by dividing the dividends declared to shareholders by the adjusted earnings from operations, after paying the distribution on Class B and Class D Exchangeable Shares, in that same period.

 
                 Three months ended             Year ended 
 (in thousands   December       December        December        December 
 of dollars,     31,2024        31,2023         31,2024         31,2023 
 except as 
 noted 
 otherwise) 
Dividends 
 declared to 
 shareholders            5,724           5,662          22,895          21,849 
Adjusted 
 earnings 
 available for 
 shareholder 
 dividends               5,489           5,880          20,727          22.555 
Payout Ratio             104 %            96 %           110 %            97 % 
 

Working Capital is defined as total current assets less total current liabilities. The Company views working capital as a measure for assessing overall liquidity and its ability to stabilize dividends and fund unusual expenditures in the event of short- to medium-term variability in Royalty Pool System Sales During the Year, the borrowings of $47.0 million have been reclassified to current liabilities as the facility is scheduled to come due in April 2025. Excluding the impact of the borrowings, the working capital reserve would be $6.1 million as compared to $8.2 million at December 31, 2023. The use of the working capital during the Year relates to the payout ratio of 110%.

 
(in thousands of          December 31,2024  December 31,2023  December 31,2022 
dollars) 
Total current assets                 9,621            12,549            11,582 
Less: Total current 
 liabilities                        50,529             4,313             4,070 
Working Capital                   (40,908)             8,236             7,512 
 

SSSG is a key indicator used by the Company to measure performance against internal targets and prior Year results. SSSG is commonly used by financial analysts and investors to compare PPL to other QSR brands. SSSG is defined as the change in period gross revenue of Pizza Pizza and Pizza 73 restaurants as compared to sales in the previous comparative period, where the restaurant has been open at least 13 months. Additionally, for a Pizza 73 restaurant whose restaurant territory was adjusted due to an additional restaurant, the sales used to derive the Step-Out Payment may be added to sales to arrive at SSSG. It is a key performance indicator for the Company as this measure excludes sales fluctuations due to store closings, permanent relocations and chain expansion.

The following table calculates SSSG by reconciling Royalty Pool System Sales, based on calendar periods, to PPL's 13-week sales reporting period used in calculating same store sales.

 
                      Three months ended          Year ended 
 (in thousands of     December      December      December       December 
 dollars)             31,2024       31,2023       31,2024        31,2023 
Total Royalty Pool 
 System Sales              160,541       163,912        620,551        628,337 
Adjustments for 
 stores not in both 
 Years, 
 Make-WholeCarryover 
 Amount, Step-Out 
 payments, and the 
 impactof calendar 
 reporting                 (5,008)       (2,181)       (16,449)        (5,642) 
Same Store Sales           155,533       161,731        604,102        622,695 
SSSG                        -3.8 %         4.0 %         -3.0 %          8.2 % 
 

SOURCE Pizza Pizza Royalty Corp.

View original content: http://www.newswire.ca/en/releases/archive/March2025/31/c7117.html

/CONTACT:

For further information: Christine D'Sylva, Chief Financial Officer, Pizza Pizza Royalty Corp., (416) 967-1010 x393, cdsylva@pizzapizza.ca

Copyright CNW Group 2025 
 

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March 31, 2025 16:30 ET (20:30 GMT)