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

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% for the third quarter ended Sept. 8.

That comes after a 13% 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.

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.