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Tim Hortons Q2 net up 11.5%
August 7, 2008
OAKVILLE, Ontario — Same-store sales at Tim Hortons Inc.'s Canadian restaurants increased 5.7 percent for the company's second quarter ended June 29, 2008, while U.S. same-store sales increased 3.1 percent. The company opened 31 restaurants during the quarter, compared to 18 in the second quarter of 2007.
Revenues (all amounts in Canadian dollars) for the quarter were $510.7 million, up 10 percent from $465.3 million in the same quarter last year. Year-to-date revenues were $971 million, up 9 percent from $889.9 million last year.
Net income for the quarter was $75 million, up 12 percent from $67.2 million last year. Year-to-date income was $134.8 million, up 8 percent compared to $126.5 million for the same time last year.
A replay of the company's conference call will be available on the company's Web site www.timhortons.com for one year.
The current exchange rate, according to Yahoo! Finance, is $1 U.S. to $1.0673 Canadian.
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