Shares of Boston Pizza traded higher after the restaurant chain posted record third-quarter franchise sales and same-restaurant growth, reflecting strong guest traffic and consistent operational execution.
BNN Bloomberg spoke with Jordan Holm, president of Boston Pizza, who said higher guest visitation and steady demand across dine-in and takeout helped drive results. Holm added that the company continues to invest in renovations, brand partnerships and promotional initiatives to sustain momentum into 2026.
Key Takeaways
- Franchise sales rose 4.3 per cent in the third quarter to a record $248.9 million, marking Boston Pizza’s third consecutive record quarter.
- Same-restaurant sales climbed 4.1 per cent, driven by higher guest traffic and strong takeout and delivery performance.
- Distributable cash increased 4.9 per cent in the quarter, with the payout ratio easing slightly to 88.8 per cent.
- The fund declared a monthly distribution of $0.120 per unit, reflecting continued confidence in sustainable cash flow.
- Management said Boston Pizza’s focus on renovations, brand updates and customer loyalty will support further growth in 2026.
Read the full transcript below:
MERELLA: Shares of Boston Pizza are trading higher today after the B.C.-based pizza franchise reported record sales for the latest quarter. Let’s talk about that with Jordan Holm. He’s president of Boston Pizza. Thanks for joining us today.
JORDAN: Happy to be here.
MERELLA: Some of your competitors, Chipotle for example, are missing estimates because consumers are kind of squeezed right now. How did you manage record sales at this time?
JORDAN: Thank you. This was, in fact, the third consecutive quarter of record quarterly results for Boston Pizza this year, starting off in the first and second quarters and now coming into the third quarter. Today we announced 4.1 per cent same-restaurant sales, which brings us to 5 per cent same-restaurant sales for the first nine months of 2025. We’re really pleased with that. To your question about how it’s being achieved — we’re encouraged by the level of guest visitation. We’re seeing more guests coming into our restaurants, and that’s helped contribute to the record quarterly sales results we reported this morning.
MERELLA: Just to clarify, you’re seeing more consumers coming in, as opposed to fewer consumers buying more?
JORDAN: Exactly, yes. There are two drivers of top-line growth: cheque size, which is driven in part by menu inflation and taking pricing when needed, and guest traffic. We saw that coming out of the COVID period, when many retailers and restaurants had to pass along unprecedented inflation spikes through price increases, which contributed to top-line growth. But what’s more sustainable — and what’s more encouraging about Boston Pizza’s results in 2025 — is that growth has come predominantly from more guests coming into our restaurants, whether it’s for lunch, late night, or takeout and delivery. Our takeout and delivery business now represents about 25 per cent of annual sales, so that’s a big contributor to growth and something we can build on heading into the fourth quarter and into 2026.
MERELLA: Did you do anything differently in the second half of the year? Knowing we could see consumer weakness as a result of tariffs and other factors, did you run promotions differently or go bigger on advertising campaigns?
JORDAN: We’re always looking to innovate. We’re a 61-year-old Canadian company that started in Edmonton in 1964, and today we have 372 Boston Pizza restaurants across the country. In 2025, particularly in the second half of the year, we’ve focused on a few key initiatives — one being restaurant renovations. We’ve always required our restaurants to renovate to current design standards every seven years. This year, more than 40 Boston Pizza restaurants will undergo complete renovations. They typically close for 10 days to two weeks, and the before-and-after impact is really powerful. It’s great to see our franchisees’ confidence in investing substantially in renovations and how that impacts guest experience.
In terms of promotions, we’ve always been known for appealing to big groups, families and sports fans. We’ve been pleased to see the run in the NHL Stanley Cup Finals with the Oilers over the last couple of years, and more recently the Blue Jays’ success. Sports are a big part of our DNA, and we do everything we can to bring people into our restaurants — or serve them at home — when they gather for big Canadian sporting events.
MERELLA: We’ve talked a bit about sales, but I’m wondering whether the trade conflict has affected your company’s ability to source products or supplies.
JORDAN: Because we’re a Canadian company with such a long history, well over 90 per cent of our supply chain is domestically sourced. We deal with Canadian suppliers for cheese, dough mix for our pizzas — many of our key products. So the direct exposure to tariffs and counter-tariffs this year has been quite minor. There’s been a bit of concern around packaging and fresh produce, but nothing that’s significantly impacted us so far.
The bigger concern for us is consumer confidence — this cloud hanging over the Canadian economy about the uncertainty of CUSMA and trade with the United States, and what that means for employment and spending levels in Canadian households. We can’t control those factors, so we focus on what we can: operating our restaurants well, building our brand and continuing to host great occasions for our guests. Our goal is to keep Boston Pizza as an affordable luxury for Canadians who want to enjoy time with friends and family, whether it’s for sports, family gatherings or just good food.
MERELLA: You mentioned you have about 372 restaurants right now. Are there plans to expand, and how quickly do you typically grow?
JORDAN: Yes, absolutely. We continue to grow. We opened four new Boston Pizza restaurants last year, and we have a couple under construction now with more to come in 2026. We’re always excited to bring Boston Pizza to new and underserved markets that have been asking for one. We do very well in smaller communities and suburbs across Canada. We’re in all 10 provinces and two of the three territories. To answer your question — yes, we have plans to grow, and we look forward to the road to 400 Boston Pizza locations across Canada and beyond.
MERELLA: Jordan Holm, president of Boston Pizza, thank you for joining us today.
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This BNN Bloomberg summary and transcript of the Nov. 10, 2025 interview with Jordan Holm are published with the assistance of AI. Original research, interview questions and added context was created by BNN Bloomberg journalists. An editor also reviewed this material before it was published to ensure its accuracy and adherence with BNN Bloomberg editorial policies and standards.
