The Canadian coffee chain maintained strong international outlet growth and was the only brand in Restaurant Brand International’s (RBI) quick-service restaurant portfolio to achieve sales growth in North America
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Tim Hortons currently operates 3,861 stores in Canada | Photo credit: Mandy Bourke
Tim Hortons was the key performer for Restaurant Brands International (RBI) in the third quarter and the only brand in its quick-service portfolio to post positive sales growth in North America.
Ontario-based Tim Hortons achieved 3% year-on-year sales growth in Canada in the three months ended 30 September 2024 to reach $1.76bn. The coffee chain’s combined North America sales increased 2.8% year-on-year to reach $1.9bn, with like-for-like sales growing 2.3%.
Tim Hortons closed nine net stores in Canada and opened six net new outlets in the US during the quarter. It now operates 3,861 and 643 outlets in each market respectively.
Tim Hortons’ third quarter sales in 16 international markets outside of North America fell 1.5% year-on-year to $156m. However, the coffee chain sustained strong international outlet growth during the quarter, opening 45 net new stores to reach 1,374 sites.
In July 2024, Tim Hortons opened its 300th store in the Middle East in partnership with Dubai-based franchisee AG Café. The coffee chain has also been accelerating outlet growth in India, where it currently operates 34 stores, and South Korea, where it has opened 11 sites since debuting in December 2023.
Although not included in its international store count, Tim Hortons also operates stores in China via a joint venture between RBI and New York-based private equity firm Cartesian Capital. Tims China reached 1,000 stores in October 2024 and will publish its standalone third quarter results on 12 November 2024.
RBI’s total sales increased 3.2% year-on-year to $11.4bn, led by international revenues. The group’s licensed Burger King, Popeyes and Firehouse Subs chains posted respective 1.5%, 0.6% and 1.3% year-on-year sales declines in their domestic US market.
Tims Hortons currently contributes 17% of RBI’s total revenue and 19% of its global store count. The quick-service group’s largest brand is Burger King with more than 19,000 stores in over 100 markets.