The Ontario-based coffee chain achieved robust domestic and international sales growth despite a third consecutive quarter of net store closures in Canada
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RBI opened 42 net new Tim Hortons stores during the second quarter to reach 5,662 outlets globally | Photo credit: Clement Proust
Restaurant Brands International (RBI) has credited Tim Hortons’ as a key contributor to total $10.9bn group sales earned in the second quarter.
RBI, which also operates the Burger King, Popeyes and Firehouse Subs fast-food restaurant chains, said Tim Hortons achieved 15% year-on-year sales growth to reach $2bn during the three months ended 30 June 2023.
System-wide-sales for the coffee chain in Canada, where 68% of its stores are located, increased 13% to $1.7bn, while sales across international Tim Hortons stores grew 27% to $341m.
RBI opened 42 net new Tim Hortons stores during the second quarter to reach 5,662 outlets globally.
The coffee chain closed net four stores in Canada, a 1% year-on-year decline, and now operates 3,878 outlets in its native market.
However, Tim Hortons opened 46 net stores internationally to reach 1,784 as it continues to pursue new market entries.
Following market debuts in India, Kuwait and Pakistan within the last 12 months, Tim Hortons is set to launch in South Korea before the end of 2023. The coffee chain is now present in 15 markets around the world.
“We are generating positive momentum and results behind each of our iconic brands by focusing on new menu innovations, supported by exceptional marketing and operations. I know the team is very motivated by the significant growth opportunities ahead of us in our home markets and around the world,” said Josh Kobza, CEO of RBI.
RBI, which surpassed 30,000 stores globally during the second quarter, reported system-wide sales growth of 14%, 15% and 5% for Burger King, Popeyes and Firehouse Subs respectively. Fast-food chain Burger King was RBI’s largest contributor during the period with $6.9bn sales.