Tim Hortons Inc.’s first-quarter same-store sales swung to a small increase in both the United States and Canada, leading to a 4.8-percent increase in revenue to $766.4 million Canadian. The Oakville, Ontario-based company’s net income growth accelerated slightly more at 5.5 percent, to $90.9 million Canadian, fueled by a massive share repurchase program that bought back about $1 billion of stock between August 2013 and April 2014.
As of the close of the March 30-ended quarter, Tim Hortons had 4,524 restaurants worldwide, including 3,610 units in Canada, 870 locations in the United States and 44 outlets in the Gulf Cooperation Council.
1Q NET INCOME
Result: $90.9 million Canadian, or 66 cents per share% Increase: 5.5% (from $86.2 million Canadian, or 56 cents per share)
1Q REVENUE
Result: $766.4 million Canadian% Increase: 4.8% (from $731.5 million Canadian)
1Q SAME-STORE SALES
% Increase in Canada: 1.6%
% Increase in the U.S.: 1.9%
Source: Company report
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Contact Mark Brandau at [email protected].
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