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Tim Hortons posts jump in 3rd-Q profit

OAKVILLE Ontario Tim Hortons Inc., parent company of the majority-franchised, 3,110-unit fast-casual chain, reported on Friday a 30-percent jump in third quarter profit on an 18.6-percent jump in revenue to about $494.5 million U.S. dollars.

Tim Hortons, which reports its results in Canadian dollars, which have been converted here, said revenues were aided by same-store sales increases of 7.5 percent in Canada and 4.5 percent in the United States. The majority of Tim Hortons’ operations are based in the company’s home market of Canada, and about 352 corporate or franchised locations are in the United States, mostly in the Northeast.

Most of the quarter’s same-store sales improvement was driven by traffic gains, the company said, as year-to-year menu price increases totaled 2.7 percent in Canada and just 0.3 percent in the United States.

During the quarter, featured promotions in Canada included the chain’s new breakfast sandwich, a Lemon Crinkle Donut, a 12-Grain Bagel with Omega 3, Fruit Bites and an Apple Toffee Danish. In the United States, promotions included the rollout of iced coffee and the introduction of a new bagel B.E.L.T. breakfast sandwich, which includes bacon, eggs, lettuce and tomato.

For the quarter ended Sept. 30, Tim Hortons earned about $67.9 million compared with about $52.2 million a year ago. In the latest quarter, the company’s U.S. segment posted a loss, however, of about $300,000, which Tim Hortons said reflected the company’s continued investment in developing various markets.

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