Tim Hortons China Reports US$19.8M Q1 Loss, Sees Revenue Growth

Tim Hortons China Reports US$19.8M Q1 Loss, Sees Revenue Growth

Tims China, the exclusive operator of Tim Hortons coffee shops in China, has reported a net loss of US$19.8 million for the first three months of 2024. This, however, is an improvement compared to the same quarter of 2023, where the company faced a net loss of US$24.1 million. The company's total revenue increased by 3.1 percent, reaching US$48 million. Additionally, a net total of five new stores were opened, bringing the system-wide store total to 917. The company also saw a 7.1 percent growth in system sales and aims to achieve its first quarterly adjusted corporate EBITDA breakeven this year. Tims China's registered loyalty club membership exceeded 20 million by the end of March 2024, marking a 63.6 percent year-over-year growth. Continuous product innovation remains central to the company’s strategy, with 14 new beverages and 18 new food products launched in Q1 2024. To mark its fifth anniversary in China and the 60th anniversary of the Tim Hortons brand, Tims China introduced a Chinese version of the “Double Double” latte series.

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