Pizza Pizza's Q2 adjusted earnings at $6.85-million Second quarter highlights:
Royalty Pool sales increased 2.4%;
Same store sales increased by 1.6%;
Restaurant network decreased by nine locations.
Year-to-date highlights:
Royalty Pool sales increased 0.7%;
Same store sales growth was 0%;
Restaurant network decreased by 12 locations;
Royalty Pool of restaurants increased by 14 net restaurants effective January 1, 2019.
SALES
For the three months ended June 30, 2019 ("Quarter"), System Sales from the 772 restaurants in the Royalty Pool increased 2.4% to $134.3 million from $131.1 million in the prior year comparable quarter when there were 758 restaurants in the Royalty Pool. For the six months ended June 30, 2019, Royalty Pool System Sales increased 0.7% to $268.2 million compared to $266.4 million in the same period last year.
Total Royalty Pool System Sales for the Quarter increased over the comparative period as a result of the reported increase in same store sales growth ("SSSG") and the new restaurants added to the Royalty Pool on January 1, 2019.
SSSG, the key driver of yield growth for shareholders of the Company, increased by 1.6% for the Quarter compared to the same quarter last year. Year-to-date, SSSG was flat when compared to the same period in 2018.