Tim Hortons fourth-quarter profit triples
February 6, 2007
OAKVILLE, Ontario — Net income at Tim Hortons Inc. jumped by more than 300 percent for the company's 2006 fourth quarter, 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 were $466.5 million, up 15 percent compared with $403.9 million for last year's fourth quarter.
Same-store sales also increased, up by 9.3 percent in Canada and 8.3 percent in the United States.
For the year, revenues 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 the year, 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 3,047 restaurants, including 2,711 in Canada and 336 in the United States.
