Vancouver-based pizza chain Papa Murphy’s has posted a $1.9 million loss for its third fiscal quarter. The loss amounts to an 11 cent drop per diluted share.
The losses continue a skid for the take-and-bake-pizza purveyor. Through the first nine months of the year, the company posted losses of $13.4 million, compared with $1.2 million in income for the same period one year earlier.
Weldon Spangler, who was named CEO in June, said the quarter was disappointing, but pizza sales within company-owned stores did show an upward tick. However, Papa Murphy’s is still aiming to sell off many of its company-owned stores and return to being 95-percent franchised.
Shares in Papa Murphy’s, traded on the Nasdaq Exchange as FRSH, closed trading at $5.52 on Wednesday, down 13 cents.