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Tim Hortons Continues Momentum with Solid Results in Canada and U.S. |
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Tim Hortons Inc. (NYSE:THI) (TSX:THI) today announced preliminary same-store sales increases of 5.9% at Tim Hortons(R) restaurants in Canada and 9.2% at restaurants in the United States for the third quarter, which ended on Sunday, October 1.
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Note: As of July 2, 2006, 99% of the Company's stores in Canada -- and 79% of the stores in the U.S. -- were franchised.
Tim Hortons continued its solid sales performance, driven by a strong promotional calendar. In June and July, Tim Hortons introduced its chunky chicken salad wrap in Canada and the U.S., respectively. Iced cappuccino with flavour shots of butter caramel, French vanilla, hazelnut or raspberry, were the feature promotions in July and August. Tim Hortons also promoted a 12-grain bagel in Canada in August, and the toasted chicken club sandwich in both countries in September.
"We are extremely pleased to see our strong 2006 sales momentum continue during the third quarter in both Canada and the U.S.," said Chief Executive Officer and President Paul House. 'Both our third-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 the fourth quarter, Tim Hortons will roll out its new breakfast sandwich to all stores in Canada. All U.S. stores had previously started offering the hot breakfast sandwich in the first quarter of 2006. Tim Hortons will again promote the hot breakfast sandwich in both countries in the fourth quarter, along with holiday merchandise.
Wendy's completes distribution of Tim Hortons shares
As announced on September 29, Wendy's International, Inc. has completed the distribution of the 160.0 million shares of Tim Hortons that it previously owned. The shares represented the remaining 82.75% stake in Tim Hortons that the Company had owned subsequent to Tim Hortons March initial public offering.
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