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Tim Hortons first quarter revenues up

RBR Staff Writer Published 09 May 2013

Canadian fast casual restaurant chain Tim Hortons has reported 1.4% increase in its first quarter (Q1) 2013 total revenues to C$731.5m ($728.2m) compared to C$721.3m ($718.1m) in the same quarter last year.

Systemwide sales for the first quarter of 2013 were up by 3.2%, driven by new restaurant development in Canada and the US, with net growth of 246 restaurants systemwide in the past year.

Net income was C$86.2m ($85.8m), a decrease of 2.9%, compared to C$88.8m ($88.4m) in the first quarter of fiscal 2012.

The decrease is due to reduced operating income, which was significantly impacted by the corporate reorganization expenses, the company said.

Same-store sales in Canadian segment declined by 0.3% in the first quarter. In the US, same-store sales declined by 0.5%.

For the fiscal 2013, the chain intends to open more than 1,000 outlets in Canada. The company has signed an area development agreement with Apparel FZCO to develop up to 100 Tim Hortons multi-format restaurants in Saudi Arabia over the next five years.

As of 31 March 2013, Tim Hortons had 4,288 systemwide restaurants, including 3,453 in Canada, 808 in US and 27 in the Gulf Cooperation Council.