Canadian restaurant chain Pizza Pizza Royalty Corp. (PZA) has increased its monthly dividend payout to shareholders by 3.5% as it reported growth in this year’s second quarter.
Going forward, shareholders of Pizza Pizza stock will receive a monthly distribution from the company of $0.08 per share.
Pizza Pizza will pay a quarterly dividend of $0.24 a share, giving the company’s stock a yield of right around 6%, among the highest of any Canadian publicly traded company.
The boost to the dividend comes as the Toronto-based pizza maker announced a 9.4% increase in same-store sales growth during the April through June period.
Pizza Pizza also reported that its revenue for the quarter increased 11.2% to $158.5 million from $142.5 million a year earlier.
Earnings per share (EPS) in Q2 rose 12.1% to $0.25 compared to the previous year’s quarter.
The company said it opened 16 new restaurant locations during the spring quarter, bringing its total nationwide to 743.
Pizza Pizza Royalty Corp.’s stock has increased 9% over the last 12 months to trade at $15.20 a share.
