Same-store sales and customer traffic levels slip; Expectations Index tops 100 for the first time in 9 months
Strong fourth quarter sales performance in both Canada and the United States, with a 3.4% same-store sales increase in Canada and 2.1% growth in the U.S.
Tim Hortons Inc. (TSX: THI, NYSE: THI) today announced the Board of Directors has approved a higher long-term targeted annual dividend payout range of 30% to 35% of prior year, normalized annual net earnings.
Comparable restaurant sales (on a comparable 13 week basis) increased 0.3% at Pollo Tropical®, decreased 4.5% at Taco Cabana® and decreased 3.0% at Burger King®;
Revenues decreased 9.7% to $89.2 million from $98.8 million – Comparable restaurant sales decreased 12.9%
Fully diluted income per share was $1.09 for the second quarter of fiscal 2010, an increase of 35% compared with the prior-year quarter
Comparable restaurant sales decreased 2.6% at company restaurants and 1.2% at franchise restaurants
Total revenue decreased 9.9% to $87.4 million compared to $96.9 million in the fourth quarter of 2008.
Total revenues increased 3.8% to $167.8 million;
Restaurant revenue decreased 8.2% to $179.6 million