The Canadian coffee chain has opened more than 300 stores internationally this year, but closed net 41 outlets in its native market
Tim Hortons closed net a further 18 stores across Canada during the three months ended 30 September 2022 | Photo credit: Erik Mclean
Restaurant Brands International (RBI) has cited Tim Hortons as a leading performer among its hospitality brands after achieving 14% sales growth to reach $10.4bn for the third quarter of 2022.
Strong trading for Canadian coffee chain Tim Hortons, which operates 3,900 stores in Canada, achieved 12% sales growth in its native market to reach $1.6bn.
However, the company closed net 18 stores across Canada during the three months ended 30 September 2022, totalling 41 net store closures for Tim Hortons in Canada this year to date.
Tim Hortons has been targeting expansion in global markets in recent months, achieving 26% outlet growth in international stores this year and opening 71 new stores in its third quarter to reach 1,506 sites.
Sales growth for its international outlets increased 21% to reach $300m.
In August 2022, Tim Hortons made its Indian debut with two stores in New Delhi before completing its market entry in Kuwait the following month.
The company plans to double its UK store portfolio to more than 100 by the end of 2023 and will open 50 new stores in Mexico by 2025.
Tims China, the operator of the coffee chain in China, completed its merger with special purpose acquisition company Silver Crest in September 2022 and began trading on New York’s Nasdaq stock exchange at the end of that month.
In October 2022 Tims China opened its 500th outlet in the country.
"Tim Hortons remains a loved destination, with strong sales momentum driven by quality new menu items and great value for money, resulting in accelerated comparable sales growth versus 2019 levels. We are fortunate to own iconic brands that offer great value for money with menu offerings that are loved by our guests. We will continue to provide guests with the value they love while driving results in a profitable way for our franchisees,” said José Cil, CEO, RBI.
RBI, which also operates fast food chains Burger King, Popeyes and Firehouse Subs, reported total revenues of $35.5bn in 2021. The Burger King, Popeyes and Firehouse Subs brands achieved global sales growth of 14.5%, 12% and 4% respectively during RBI’s third quarter 2022.