BRITISH COLUMBIA

Boston Pizza Royalties Income Fund says franchise sales up from year ago

05/09/2013 11:52 EDT | Updated 07/09/2013 05:12 EDT
VANCOUVER - Boston Pizza Royalties Income Fund (TSX:BPF.UN) narrowed its loss to $752,000 in its latest quarter as sales at its franchise restaurants gained more than five per cent.

The restaurant trust said the loss amounted to five cents per unit for the quarter ended March 31 compared with a loss of $6.9 million or 47 cents per unit a year ago.

Franchise sales by restaurants in the royalty pool were $186.3 million, up from $176.6 million a year ago, while same-store sales were up 3.2 per cent.

There were 348 restaurants in the royalty pool in the quarter compared with 342 a year ago.

The fund said the smaller loss for the quarter was mainly due to a $5.7-million drop in the fair value adjustments on the class B general partner units of Boston Pizza Royalties Limited Partnership.

Boston Pizza's distributable cash was $4.3 million or 27.7 cents per unit for the quarter, up from $4 million or 27.4 cents per unit a year ago.