September 03, 2015 - 5:11 AM
MONTREAL - The company that operates the Pizza Delight, Baton Rouge, Mikes and other restaurant chains in Eastern Canada says sales improved in its third quarter and net income rose by 39 per cent to $2.5 million.
Imvescor Restaurant Group Inc. (TSX:IRG) says total sales by restaurants under its banners increased to $96.7 million from $95.9 million in last year's third quarter, an increase of 0.8 per cent.
Sales at restaurants open for at a least a year grew by 1.2 per cent, compared with a 3.1 per cent decline a year earlier.
Imvescor's own revenue declined to $11.04 million from $11.51 million but its profit improved to four cents per share from three cents per share or $1.78 million in the third quarter of fiscal 2014.
As of the end of the quarter on July 26, Imvescor had 228 locations under its various banners in Atlantic Canada, Quebec and Ontario — seven fewer than a year before.
A key element of the strategy is for Imvescor to pay up to 20 per cent of the cost of renovating the guest areas for participating franchised locations.
President and CEO Frank Hennessey said the third quarter demonstrated the potential of its strategic plan to improve sales and profitability.
"We are very encouraged by these results, as we have yet to fully ramp up our plan to renovate at least 100 locations by the end of 2018.
News from © The Canadian Press, 2015