The Canadian coffee chain added stores around the world but continues to close outlets in its native market
A Tim Hortons store in Dubai, UAE | Photo credit: Restaurant Brands International
Restaurant Brands International (RBI) has credited the performance of its Tim Hortons business after posting 14.7% system-wide sales growth to reach $9.83bn for the three months ended 31 March 2023
RBI, which also operates the Burger King, Popeyes and Firehouse Subs fast-food restaurant chains, reported Tim Hortons achieved 17.9% system-wide sales growth to reach $1.73bn during the period compared to $1.56bn a year ago.
The Canadian coffee chain added 300 net new stores in the first quarter to reach 5,620 stores around the world.
Tim Hortons’ business in Canada generated sales of $1.42bn compared to $311m across its international portfolio. However, the coffee chain continues to close outlets in Canada, where its store count fell 1.2% to 3,882 from 3,928 a year ago.
RBI cited inflation and increases in labour and energy costs alongside the economic fallout from the war in Ukraine as economic headwinds for its businesses in Canada and the US.
“Our teams delivered a solid start to the year, with double-digit comparable sales and system-wide sales growth. Top line sales momentum translated into bottom line growth for our franchisees and our company. I am confident in our plans for future growth and would like to thank our teams who are focused on improving operations and delivering a great guest experience every day at our restaurants,” said Josh Kobza
, CEO RBI International.
In February 2023, Tim Hortons opened its first store in Pakistan
, with the Lahore outlet reportedly generating record opening day sales for the brand.
Restaurant Brands International posted full-year 2022 revenues of $7.16bn for Tim Hortons.