OAKVILLE—Tim Hortons’ net income rose 21 per cent in the second quarter of 2010, according to the coffee company’s latest financial results.
Tims earned $94.1 million in the second quarter, up from $77.8 million in the same period a year ago.
“Our quarterly same-store sales performance in Canada was the best in several quarters and the strength of our same-store sales growth in the U.S was gratifying given continued economic challenges in the market,” said company president and CEO Don Schroeder.
Same-store sales in Canada jumped 6.4 per cent in Canada and 3.1 per cent in the United States, with overall revenues of nearly $640 million. That’s up 5.7 per cent from 2009.
The company also announced the sale of its 50 per cent stake in Maidstone Bakeries to Aryzta AG for $475 million.
Maidstone is the sole supplier of doughnuts and Timbits to Tim Hortons, a relationship that will continue until at least 2016.
