Tim Hortons Canada sales returned to pre-pandemic levels for 1st time in Q2
Global News
Tim Hortons' business was up in the second quarter as sales at the coffee and baked good chain surpassed pre-pandemic levels for the first time.
Tim Hortons‘ parent company Restaurant Brands International Inc. saw sales grow 14 per cent in the second quarter as appetites for the coffee and baked goods chain returned to pre-pandemic highs.
The company, which keeps its books in U.S. dollars, says global system-wide sales were up nearly US$1 billion year-over-year to over US$10 billion, with digital sales growing by double-digits over the same period.
RBI CEO Jose Cil says the company was able to drive sales at Tim Hortons Canada above pre-pandemic levels for the first time since the onset of the pandemic.
RBI, which also includes Burger King, Popeyes Louisiana Kitchen and Firehouse Subs, says its net income attributable to common shareholders totalled US$236 million or 76 cents per diluted share for the quarter ended June 30, down from US$259 million or 84 cents per diluted share a year earlier.
Revenue for the quarter totalled US$1.64 billion, up from US$1.44 billion in the same period last year.
On an adjusted basis, RBI says it earned 82 cents per diluted share in its latest quarter, up from an adjusted profit of 77 cents per diluted share a year earlier.
— with files from Global News
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