Second Quarter Same-Store Sales Summary
2Q 2006 2Q 2005 2006 YTD
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Tim Hortons Canada(a) 6.0% to 6.1% 5.6% 7.3% to 7.4%
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Tim Hortons U.S.(a) 8.1% to 8.3% 9.1% 8.9% to 9.0%
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(a) As of April 2, 2006, 99% of the Company's stores in Canada -- and
78% of the stores in the U.S. -- were franchised.
"We are extremely pleased to see our strong 2006 sales momentum continue during the second quarter in both Canada and the U.S., especially against solid 2005 performance," said Chief Executive Officer and President Paul House. "Both our second-quarter and year-to-date results are above our expectations of 4.0 to 5.0% in Canada and 6.0% to 7.0% in the United States."
In April Tim Hortons(R) promoted its new caramel-themed baked goods, including caramel-chocolate donuts, caramel apple fritters, caramel streusel cakes and caramel turnovers. In May the Company promoted iced cappuccino with "flavour shots" of butter caramel, French vanilla, hazelnut or raspberry. These flavour shots can also be added to other beverages. Through May and June, Tim Hortons introduced a new chunky chicken salad wrap, and later in June promoted strawberry-themed desserts, featuring a strawberry tart.
On "Camp Day," June 7, the Company and its store owners raised C$7.2 million (US$6.5 million) through coffee sales and donations for the Tim Horton Children's Foundation. This exceeded last year's total of C$6.4 million. Due in large part to the funds raised on Camp Day, more than 11,000 deserving children from Canada and the U.S. will attend one of six Children's Foundation camps this year - all expenses paid.
Tim Hortons shares to be spun off to existing Wendy's shareholders by October 1
Wendy's International, Inc. (NYSE: WEN) recently announced that its Board of Directors has confirmed its intent to spin off the 160.0 million shares of Tim Hortons that it currently owns. The shares represent an 82.75% ownership stake in Tim Hortons. Wendy's is now targeting Oct. 1, 2006, to complete the Tim Hortons spin-off, assuming it has received from the IRS a ruling on the tax-free status of the distribution by that time.
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