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Pizza Pizza Royalty Serves Up Lower Q1 Sales, Adjusted Profit; Quarterly Dividend Maintained

Pizza Pizza Royalty (PZA.TO), which indirectly owns the Pizza Pizza and Pizza 73 Rights and Marks, after trade Friday served up lower sales and adjusted profit for the first quarter.The company's adjusted earnings from operations stood at near $7.3 million, or $0.216 per share, in the period, down from $7.67 million, or $0.230 per share, a year ago. FactSet expected earnings per share of $0.23.Total system sales for the three months ended on March 31 fell to $145.8 million from $151.3 million a year prior. FactSet had projected sales of $150.9 million. The company said the decline was due to "continued pressure on discretionary spending, softer demand, and an increasingly competitive promotional retail landscape."Same store sales decreased 4.1%, and Royalty Pool sales decreased 3.6%.The company kept its dividend unchanged, paying $5.7 million, or $0.2325 per share, in this current quarter and the same period last year. The payout ratio rose to 134% from 117% a year ago.