Tim Hortons International has reported a quarterly record in total revenue in its Q3 report for its China stores, Tims China.
“In Q3 2023, we delivered 42.7 per cent year-over-year top-line growth, and set quarterly records for three critical metrics: revenue, adjusted store (earnings before interest, taxes, depreciation and amortisation), and adjusted store EBITDA margin,” says Tims China Director and CEO Yongchen Lu.
Total revenue reached US$59.8 million, a 42.7 per cent increase from the same quarter in 2022.
Sixty-three new stores were opened in Q3, resulting in 763 system-wide stores in total.
“During the quarter, we continued to increase our presence in our existing cities, building density and delivering convenience for our guests,” Lu says. “We also rapidly expanded our Tim Hortons franchised store network, driving capital efficient growth, and penetrated new cities such as Yibin, Handan, and Lanzhou, among others.”
Membership to the Tims Loyalty club grew to 16.9 million members, representing an increase of 90.3 per cent year-on-year.
“We want to express our sincere gratitude to our 16.9 million registered loyalty club members, their continuous support and patronage inspire us to deliver an outstanding guest experience every time and improve every day,” says Lu.
Adjusted store EBITDA margin reached 7.5 per cent, representing an increase of 2.2 per cent from the same quarter in 2022.
“Managing our cost structure effectively is very important to us, we continue to implement various optimisation measures, targeting shorter payback periods and further improvements in store-level profitability,” says Tims China CFO Dong Li.
To read the full Q3 report, click here.