This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Tim Hortons earns $61.56-million in Q3 2009 2009-10-30 09:23 ET - News Release Mr. Don Schroeder reports TIM HORTONS INC. ANNOUNCES 2009 THIRD QUARTER RESULTS
Tim Hortons Inc. has released its results for the third quarter ended Sept. 27, 2009.
"The underlying performance of our business was healthy in the third quarter and our results continue to demonstrate the strength and resilience of our brand," said Don Schroeder, president and chief executive officer. "Operating conditions continued to be challenging in the third quarter but we remained focused on executing our growth initiatives and responding to the needs of our customers," added Mr. Schroeder.
Consolidated results
All percentage increases and decreases represent year-over-year changes from the third quarter of 2009 compared with the third quarter of 2008, unless otherwise noted.
System-wide sales grew 6.2 per cent on a constant currency basis in the third quarter. Total revenues increased 10.7 per cent, to $563.6-million versus $509.0-million last year. Revenues benefited from higher sales, consisting primarily of distribution sales, and from higher rents and royalties. Distribution sales growth was the largest component of the sales increase, driven by new products managed through the supply chain, system-wide sales growth and higher commodity costs. Sales growth was partially offset by fewer company-operated restaurants compared with last year, and by lower sales from non-owned consolidated restaurants (formerly referred to as FIN 46R).
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