Tims China, the exclusive operator of Tim Hortons coffee shops in China, has reported a net loss of US$19.8 million for the first three months of 2024.
This is an improvement compared to the same quarter of 2023, where the company faced a net loss of US$24.1 million.
Total revenue for the company, which is also the exclusive operator of Popeyes restaurants in China, improved in the first quarter of 2024, reaching US$48 million, representing a 3.1 per cent increase from the same quarter in 2023.
A net total of five new stores were opened in Q1 2024, bringing the the system-wide store total to 917.
“In Q1 2024, our system sales grew by 7.1 per cent, and we continued to improve our bottom-line performance, marching towards achieving our first quarterly adjusted corporate EBITDA breakeven this year. Our registered loyalty club membership exceeded 20 million as of March 31, 2024, a 63.6 per cent year-over-year growth, serving both as a pivotal catalyst for growth and a testament to our customers’ support and embrace of Tims China’s loyalty program,” says Yongchen Lu, Chief Executive Officer and Director of Tims China.
“Continuous product innovation remains a cornerstone of our strategic vision; we launched 14 new beverages and 18 new food products during the quarter.”
Recently, to celebrate its fifth anniversary in China, as well as the 60th anniversary of the Tim Hortons brand, the company launched its Chinese version of the “Double Double” latte series.
