Home Earnings Analysis Consumer  Summary Pizza Pizza faces operational headwinds, with two consecutive quarters of same-store sales declines and increased competition, notably from Domino's aggressive promotions. Q1 saw same-store sales fall 4.3% at Pizza Pizza and 2.7% at Pizza 73, pushing the payout ratio to 134% as distributions outpaced earnings. Dividend sustainability is at risk; working capital is being used to maintain payouts, and a dividend cut appears increasingly likely unless same-store sales rebound. I downgrade PZA:CA to 'Hold' with a price target of $14.60, reflecting limited upside and a total return now projected below 10%. Henrik Sorensen/DigitalVision via Getty Images One quarter might not break the long-term thesis, but what about two? It's a good provocation, and I received it from a reader after Pizza Pizza ( PZA:CA ) plummeted 10% post-earnings. Fair enough.…