TRADING SYMBOL:  TSX: AW.UN VANCOUVER, BC, May 9, 2024 /CNW/ - Royalty income increased by 1.0% in Q1 2024 as compared to Q1 2023. Royalty Pool Same Store Sales Growth(i) was +0.6% for Q1 2024 as compared to Q1 2023. FIRST QUARTER 2024 RESULTSA&W Revenue Royalties Income Fund (the "Fund") and A&W Food Services of Canada Inc. ("A&W Food Services") today reported the Fund's results for the first quarter ended March 24, 2024 which are expected to be filed today on SEDAR+ at www.sedarplus.ca. The Fund will hold a conference call to discuss the results today, Thursday, May 9, 2024 at 1:00 p.m. Pacific Time (4:00 p.m. Eastern Time). The call will be webcast live and may be accessed at https://events.q4inc.com/attendee/811596509. Participants who wish to ask questions or are unable to join via webcast may dial-in by calling toll-free 1-800-579-2543 or 1-785-424-1789 and by quoting the conference ID "AWRRIF" when prompted by the operator. For those unable to participate in the live call, a replay will be made available for one year at https://events.q4inc.com/attendee/811596509. "We are pleased to report that the Fund has achieved positive growth for the first quarter of 2024", said Susan Senecal, President and CEO of A&W Food Services. "A&W is excited about the marketing campaigns and promotions it is running this year which will offer guests innovative, wallet friendly options at a time when consumers are feeling increased pressure to monitor their discretionary spending." Royalty income for the first quarter of 2024 was $11,553,000 based on Gross sales reported by restaurants in the Royalty Pool(i) of $385,097,000, compared to royalty income of $11,439,000 and Gross sales reported by A&W restaurants in the Royalty Pool(i) of $381,298,000 for the first quarter of 2023. The increase in royalty income for the quarter is driven by Royalty Pool Same Store Sales Growth(i), which was +0.6% for the quarter, and the gross sales from the 10 net new restaurants added to the Royalty Pool on January 5, 2024. The increase was partially offset by there being one less day in the first quarter of 2024 as compared to the first quarter of 2023. Royalty Pool Same Store Sales Growth is based on an equal number of days in the quarter and year. Royalty Pool Same Store Sales Growth is a function of changes in guest counts and check size, both of which are impacted by sales mix and menu price changes. The Q1 2024 Royalty Pool Same Store Sales Growth(i) of +0.6% was a product of an increase in average check size due to industry-wide inflation on goods, services, and labour, partially offset by a decline in guest traffic. A&W Food Services believes that the decline in guest traffic is primarily attributable to increased interest rates and inflation, which have impacted consumer discretionary spending. In response to these economic conditions, A&W Food Services continues to seek new and innovative ways to offer A&W's guests a delicious and affordable experience and in turn increase guest traffic.  FINANCIAL RESULTS (dollars in thousands except per unit amounts) Period from Jan 1, 2024 toMar 24, 2024 Period from Jan 1, 2023 toMar 26, 2023 Royalty Pool Same Store Sales Growth(i) 0.6 % 6.1 % Number of restaurants in the Royalty Pool 1,047 1,037 Gross sales reported by A&W restaurants in the Royalty Pool(i) $385,097 $381,298 Royalty income $11,553 $11,439 General and administrative expenses $237 $249 Term loan and other interest (net) $301 $305 Current income tax provision $3,028 $2,813 Distributable cash generated(ii) $7,987 $8,072 Number of equivalent units(iii)  20,655,650 20,368,874 Distributable cash per equivalent unit(iv)  $0.387 $0.396 Distributions and dividends declared per equivalent unit(iv)