Canadian quick-service restaurant chain Tim Hortons, Inc.'s (THI,THI.TO) first-quarter net income attributable to the company slid 2.9% to C$86.2 million, from C$88.8 million a year before, reflecting reduced operating income, which was significantly impacted by the corporate reorganization expenses. However, quarterly earnings per share remained unchanged at C$0.56. On average, 17 analysts polled by Thomson Reuters expected earnings per share of C$0.62 for the quarter. Analysts' estimates typically exclude one-time items.
According to the company, the decline in net income attributable to THI was largely offset by the positive, cumulative impact of its share repurchase program.
Systemwide sales grew 3.2% on a constant currency basis, driven by new restaurant development in Canada and the U.S., with net growth of 246 restaurants systemwide in the past year. The firm's total revenues went up 1.4% to C$731.5 million, from C$721.3 million last year, while 11 analysts estimated revenues of C$749.61 million. The company said the revenue growth rate was below that of systemwide sales due to a 2.0% decline in distribution sales, the largest component of revenues.
Separately, Tim Hortons announced the appointment of Marc Caira as President and Chief executive, effective July 2, 2013, replacing Paul House, who would become non-Executive Chairman of the board during that time. Also, Caira would stand for election as a director at the annual meeting of shareholders. Most recently, Caira was Global CEO of Nestlé Professional and led a global organization of 10,000 employees that operates in nearly 100 countries. He was also a member of the Executive Board of Nestlé SA.
Further, the board has declared a dividend of C$0.26 per share, payable on June 7, 2013 to shareholders of record as of May 23rd, 2013.
For comments and feedback contact: editorial@rttnews.com
Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.