Key Growth Statistics

Management believes that Boston Pizza is well positioned to attract guests, achieve positive same restaurant sales over the long term and continue to strengthen its position as the number one casual dining brand in Canada. In addition, management continues to believe that Boston Pizza remains well positioned for long term future expansion.

Same Restaurant Sales (SRS):

The primary driver for yield growth of the Fund is SRS.

In 2021, SRS was: 8.5%

Graph showing Same Restaurant Sales


“Same Restaurant Sales” or “SRS” is a supplementary financial measure under National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure (“NI 52-112”) and therefore may not be comparable to similar measures presented by other issuers. Prior to the fourth quarter of 2021, the Fund defined SRS as the change in gross revenues of Boston Pizza Restaurants as compared to the gross revenues for the same period in the previous year (where restaurants were open for a minimum of 24 months). Commencing with the fourth quarter of 2021, the Fund defines SRS as the change in Franchise Sales (defined later) of Boston Pizza Restaurants as compared to the Franchise Sales for the same period in the previous year (where restaurants were open for a minimum of 24 months). The Fund believes that the current method of calculating SRS provides Unitholders more meaningful information regarding the performance of Boston Pizza Restaurants since Royalty and Distribution Income are payable to the Fund by BPI and BP Canada LP on Franchise Sales and not gross revenues of Boston Pizza Restaurants.

Restaurant Growth:

Restaurant openings in 2021 - 0

Restaurant closures in 2021 - 4

Graph showing Number of Locations over the Past 10 Years

Annual Gross Sales Per Location

Annual gross sales per location is the cumulative effect of SRS. As annual gross sales per location increases so does the financial strength of Boston Pizza Franchisees.

Graph showing Annual Gross Sales Per Restaurant


“Gross Sales per Restaurant” is a supplementary financial measure under NI 52-112 and therefore may not be comparable to similar measures presented by other issuers. Gross Sales per Restaurant for any particular year is calculated by taking the aggregate annual Gross Sales of Boston Pizza Restaurants that have been open a minimum of 24 months for that year and dividing it by the number of Boston Pizza Restaurants that have been open a minimum of 24 months. The Fund and BPI believe that Gross Sales per Restaurant provides useful information to investors regarding the average performance of Boston Pizza Restaurants that have been open a minimum of 24 months.

System Growth:

System wide sales 2021 - $812.9 Million

Franchise sales 2021 - $660.1 Million

Graph showing Franchise Sales


“Gross Sales” is a supplementary financial measure under NI 52-112 and therefore may not be comparable to similar measures presented by other issuers. Gross Sales is the gross revenue: (i) of the corporate Boston Pizza restaurants in Canada owned by BPI; and (ii) reported to BP Canada LP by Franchised Boston Pizza restaurants in Canada, without audit or other form of independent assurance, and in the case of both (i) and (ii) including revenue from the sale of liquor, beer, wine and revenue from BP Canada LP approved national promotions and discounts, but excluding applicable sales and similar taxes. The Fund and BPI believe that Gross Sales provides useful information to investors regarding the overall performance of Boston Pizza.


“Franchise Sales” is a supplementary financial measure under NI 52-112 and therefore may not be comparable to similar measures presented by other issuers. However, Franchise Sales of Boston Pizza Restaurants in the Royalty Pool is reported in the Fund’s financial statements in accordance with IFRS. Franchise Sales is the basis on which Royalty and Distribution Income is payable and is Gross Sales after deducting revenue from the sale of liquor, beer, wine and revenue from BP Canada LP approved national promotions and discounts. The Fund and BPI believe that Franchise Sales (as opposed to Franchise Sales of Boston Pizza Restaurants in the Royalty Pool) provides useful information to investors regarding the performance of Boston Pizza with respect to sales upon which BP Canada LP earns royalty and contributions into its cooperative advertising fund.