First Quarter Same-Store Sales Summary
1Q 2006 1Q 2005
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Tim Hortons Canada(a) 8.7% 5.8%
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Tim Hortons U.S.(a) 9.8% 7.7%
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(a) As of January 1, 2006, 99% of the Company's stores in Canada --
and 79% of the stores in the U.S. -- were franchised.
Tim Hortons promoted its Yogurt and Berries (in Canada) and its Coffee and Bagel combo (in the U.S.) during January. In Canada during February, the Company promoted its chicken noodle soup and turkey bacon club combo and ran coffee-specific advertising in Canada during the Olympics. In the U.S. during February, the Company promoted its flavoured coffees and began to roll out its new Hot Breakfast Sandwich. In March, Tim Hortons ran its annual "Roll Up the Rim to Win(R)" contest that provides consumers in Canada and the U.S. the opportunity to win valuable prizes.
Tim Hortons completed IPO, now listed on TSX and NYSE
Tim Hortons completed its initial public offering of 17.25% of the company, with trading commencing on the Toronto Stock Exchange and New York Stock Exchange on March 24. The IPO transaction closed on March 29. Wendy's International, Inc. (NYSE: WEN) maintains an 82.75% ownership in the Company and has announced that it intends to spin off the remainder of Tim Hortons by December 31, 2006.
"We are extremely pleased with the response from institutional and individual investors across Canada and the U.S., as well as our franchisees and employees who purchased IPO shares. Our store owners and their dedicated employees have been the driving force behind Tim Hortons success over the past 41 years," said President and Chief Executive Officer Paul House.
"The IPO represents a significant milestone for Tim Hortons and Wendy's(R), and reflects the high level of teamwork that has always existed between the two companies."
As a result of the successful completion of the IPO, as well as certain other factors, the Company now expects to record unanticipated tax benefits in the first quarter. The Company does not expect to realize benefits of a similar nature in subsequent periods.
First Quarter earnings, conference call and webcast scheduled for April 27
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