Tim Hortons Boasts Solid Results in Canada and U.S.
Tim Hortons Inc.
(NYSE:THI) (TSX:THI) announced today that preliminary same-store sales were up 5.9% at Tim Hortons locations in Canada and 9.2% at restaurants in the U.S for the third quarter, which ended on Sunday, October 1.
Tims continued its strong sales performance, driven in part by a strong promotional effort and new menu item releases throughout the summer. 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.," commented Tims 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.'
Tim Hortons will roll out its new breakfast sandwich to all stores in Canada in the fourth quarter. All U.S. stores had previously started offering the hot breakfast sandwich in the first quarter of 2006. Tims will again promote the hot breakfast sandwich in both countries in the fourth quarter, along with holiday merchandise for the Christmas season.