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The Canadian Press - ONLINE EDITION
Restaurant owner A&W earnings, sales grow two per cent in fourth quarter
VANCOUVER - Restaurant owner A&W Revenue Royalties Income Fund (TSX:AW.UN) raised its distributions in the fourth quarter as the company reported a rise in earnings and revenues for the period.
The Vancouver-based fund said it increased its payment to unitholders in the quarter by nine per cent to 46.8 cents a unit from 42.4 cents a year earlier.
In its financial report A and W said its net profits grew 2.4 per cent to $7.3 million from $7.1 million in the year-earlier period.
Total sales by restaurants that contribute royalties to the fund increased 2.4 per cent $244.6 million. That compared with $238.9 million in the same quarter of 2010.
However, same-store sales dropped 0.4 per cent.
For all of 2011, same store sales grew 0.04 per cent and total sales increased 2.3 per cent to $794.5 million compared to $776.7 million in 2010 as the number of stores grew from 700 to 715.
Royalty income also increased by 2.3 per cent for the year to $23.8 million.
"We are pleased to report that in 2011 A&W recorded its ninth consecutive year of same store sales growth, even though the fourth quarter saw a slight decrease in same store sales," said Paul Hollands, president and CEO of A&W Food Services of Canada Inc., the fund's operating company
"With the foodservice industry continuing to face uncertain economic conditions and a weak foodservice market in British Columbia, we will be launching new tactical and strategic initiatives in 2012 to counter these conditions."
The fund iowns the A&W trademarks used at restaurants in Canada.
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