The Financial Post reports in its Wednesday, Aug. 9, edition that Tim Hortons's quarterly sales surpassed $2-billion for the first time in its history, but the coffee chain's parent company said its franchisees' profits still are not good enough (all figures U.S.). The Post's Jake Edmiston writes that Restaurant Brands International, which also owns Burger King, Popeyes and Firehouse Subs, has fully bounced back from its pandemic slump, reporting a 3.8-per-cent increase in profit during its latest earnings update on Aug. 8. Despite the gains this year, it has faced public gripes from a Tim Hortons franchisee group over sagging profits. Chairman Patrick Doyle said, "While we're making very good progress on store-level profitability, I want to be clear that we aren't where we need to be." The company booked adjusted profits of $387-million or 85 cents a share in the second quarter, beating forecasts of 77 cents and outdoing the previous year's results by 3.8 per cent. The restaurant group reported sales of about $10.95-billion, up 12 per cent compared with the same period last year. At Tim Hortons, global system-wide sales reached $2.02-billion in the second quarter, up from $1.8-billion last year.
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