Tim Hortons revenues rise 10%
Coffee prices to jump in Manitoba, Quebec and the Maritimes
Last Updated: Friday, October 30, 2009 | 6:21 PM AT
CBC News
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Tim Hortons Inc. on Friday reported higher third-quarter revenue.
Earnings, however, fell compared to the same period last year.
Revenue, including that from stores owned by franchisees, came in at $563.6 million, up 10.7 per cent, from just under $509 million in the summer of 2008.
The firm's Canadian stores reported the biggest share of the increase: $50 million.
The company said it would introduce new prices for medium and large coffee in some markets. In Manitoba, Quebec and the Maritimes, a medium will cost five cents more, and a large seven cents more.
The company said the Manitoba increases were due to higher operating costs in that province.
U.S. sales increased by $7.8 million, a 25 per cent increase.
Profits fell to $61.2 million, down 22.3 per cent, because of $23.1 million in legal costs associating with converting the company into a Canadian corporation. It had been incorporated in Delaware.
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