A&W increases distribution rate as restaurants reopen, same-store sales grow
BNN Bloomberg
A&W Revenue Royalties Income Fund says its same-store sales grew nearly 17 per cent in its latest quarter as COVID-19 public health restrictions eased, allowing the fast-food chain to reopen more restaurants and serve more customers.
VANCOUVER -- A&W Revenue Royalties Income Fund says its same-store sales grew nearly 17 per cent in its latest quarter as COVID-19 public health restrictions eased, allowing the fast-food chain to reopen more restaurants and serve more customers.
The Vancouver-based company's gross sales in the royalty pool totalled $409.5 million for the three months ended Sept. 12, up from $340.6 million in the same quarter of 2020.
The company reported net income excluding non-cash items of $9.2 million for the third quarter, up from $7.7 million in the same period the previous year.
It says there were 994 open restaurants in the royalty pool at the end of the quarter, compared to 971 in 2020.
The company says its monthly distribution rate will increase to 15.5 cents per unit, up from 15 cents per unit, beginning with its October 2021 distribution payable Nov. 30.
A&W Revenue Royalties Income Fund owns the A&W trademarks used in the A&W quick service restaurant business in Canada.
