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Tim Hortons fourth-quarter profit triples
February 6, 2007
OAKVILLE, Ontario — Net income at Tim Hortons Inc. jumped by more than 300 percent, partly due to $33.5 million in goodwill and asset impairment charges that had weakened the 2005 fourth-quarter numbers.
Net income for the quarter was $67.9 million, up 313 percent from $16.4 million the previous year. Revenues for the quarter increased 15 percent to $466.5 million.
Comparable-store sales for the quarter increased by 9.3 percent in Canada and by 8.3 percent in the United States.
Revenues for the year were $1.7 billion, up 12 percent from 2005. Net income was $259.6 million compared with $191.1 million the previous year.
The company, which was spun off by Dublin, Ohio-based Wendy's International Inc. last year, opened 111 restaurants in the fourth quarter. For 2006, the company opened a total of 197 restaurants, consisting of 145 in Canada and 52 in the U.S.
As of Dec. 31, Tim Hortons had a total of 3,047 restaurants including 2,711 restaurants in Canada and 336 in the United States.
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