By Canadian Press

A&W reports sales growth, but net income falls short of expectations

Oct 16, 2019 | 2:16 PM

VANCOUVER — A&W Revenue Royalties Income Fund saw sales growth in its most recent quarter, following a record performance in the same quarter last year.

The fund says same-store sales, a key retail metric, grew 1.2 per cent for the third quarter ended Sept. 8.

That comes after a 13 per cent jump in same-store sales in the third quarter of the previous year.

Net income excluding non-cash items came in at $8.429 million for the quarter, down from $8.594 million in the third quarter of 2018.

Analysts surveyed by the financial markets data firm Refinitiv expected net income for the quarter to be higher at $8.596 million.

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Gross sales amounted to $370.376 million from 934 stores, up from $350.226 million in the same quarter of last year when there were 896 stores.

This report by The Canadian Press was first published Oct. 16, 2019.

Companies in this story: (TSX: AW.UN)

The Canadian Press