Freshii Inc. reported higher second-quarter profit. (Photo by THE CANADIAN PRESS)

Freshii reports Q2 profit up from year ago, but same-store sales down

TORONTO — Freshii Inc. reported its second-quarter profit was up from a year ago as revenue also climbed higher.

The restaurant chain, which keeps its books in U.S. dollars, says it earned US$433,000 or a penny per share for the 13-weeks ended June 30 compared with a profit of $298,000 or a penny per share a year ago.

Revenue totalled $5.8 million, up from $5.6 million, as gains in franchise revenue more than offset lower company-owned store revenue.

Franchise revenue amounted to $5.1 million, up from $4.7 million a year ago, while company-owned store revenue fell to $666,000 from $876,000.

System-wide sales totalled $49.6 million in the quarter, up from $46.3 million a year ago, boosted by an increase in the number of stores. Same-store sales were down four per cent.

The company opened 13 new stores in the second quarter and closed five.

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