Close X
Saturday, November 23, 2024
ADVT 
Life

Downtown Tim Hortons locations rebounding

Darpan News Desk The Canadian Press, 03 May, 2022 09:54 AM
  • Downtown Tim Hortons locations rebounding

In one of the surest signs Canadian workers are returning to downtown offices, Tim Hortons says sales at its "super urban" restaurants are rebounding to near pre-pandemic levels.

The coffee and doughnut chain's parent company Restaurant Brands International Inc. said Tuesday sales at its downtown locations jumped 30 per cent in its latest quarter compared with last year.

Tim Hortons' inner-city coffee shops, often located near office towers and in food courts, were hit hardest by the work-from-home trend.

Restaurant Brands CEO José Cil called the turnaround at these locations a "testament to the improvement in mobility."

"We saw accelerating underlying sales trends throughout the quarter as restrictions eased across the country and mobility increased," he said during a call with analysts.

"Comparable sales at our super urban locations grew nearly 30 per cent year over year during the quarter, with each month growing faster than the prior."

Tim Hortons posted "especially strong results" in March with comparable sales improving weekly, Cil said.

Despite the sales growth, the restaurant is also seeing rising input costs, pushing up some menu prices.

"We are seeing a significant increase in commodity volatility, leading to elevated levels of inflation," Restaurant Brands chief operating officer Josh Kobza said during the conference call.

"Given the fact that we generally take a pass-through approach, inflation has increased both our revenues and expenses."

His comments came as Restaurant Brands, which also includes Burger King, Popeyes Louisiana Kitchen and Firehouse Subs, reported its net income attributable to common shareholders totalled US$183 million in its first quarter, up from US$179 million a year earlier.

The company said its profit amounted to 59 cents per diluted share for the quarter ended March 31 compared with 58 cents per diluted share a year earlier.

Revenue for the company, which keeps its books in U.S. dollars, totalled US$1.45 billion, up from US$1.26 billion in the same quarter last year.

Comparable sales at Tim Hortons rose 8.4 per cent, while Burger King gained 10.3 per cent. Comparable sales at Popeyes fell 3.0 per cent and Firehouse Subs added 4.2 per cent.

Meanwhile, Tim Hortons also hosted its first investor day on Tuesday, which included details on the brand’s business and growth plans.

The company's leadership team reviewed the restaurant's so-called back-to-basics plan, an $80 million corporate investment in Canada announced in 2021.

The plan has lead to technology upgrades like digital menu boards and new coffee brewing machines along with improvements to Tim Hortons' core core menu items — coffee, doughnuts and breakfast.

In March, for example, the chain announced the relaunch of two of its most popular doughnuts. It said the Apple Fritter now has 40 per cent more apples while the Boston Cream has a third more filling.

Still, despite the tech upgrades and menu improvements, Tim Hortons president Axel Schwan said it's been a "challenging two years in Canada for restaurant owners and their team members."

"Canada has actually had some of the longest lockdown measures in the world," he said during the investor day conference. "Coupled with global headwinds and commodity and labor costs, the profitability of our owners is always at the top of our priority list."

MORE Life ARTICLES

WATCH: Darpan Awards Legacy talk with Kids Play Foundation Founder & CEO Kal Dosanjh

WATCH: Darpan Awards Legacy talk with Kids Play Foundation Founder & CEO Kal Dosanjh
Kal Dosanjh Founder and CEO of Kids Play Foundation share his experience as a past winner of the Darpan Award. The foundation holds sports tournaments, conferences, and other projects for the youth community to learn about the opportunities they can seize within life.

WATCH: Darpan Awards Legacy talk with Kids Play Foundation Founder & CEO Kal Dosanjh

Five ways to adopt sustainable living

Five ways to adopt sustainable living
Living sustainably helps meeting our needs without impacting the planet or compromising the ability of future generations to meet their needs. Here, we will explore some easy and practical ways to get you started living more sustainably:

Five ways to adopt sustainable living

Can you read the signs?

Can you read the signs?
How would you react if somebody told you that you could actually predict if your partner is the right one for you or not? Sounds too good to be true right! But this can happen only if you are aware and notice the red flags at the initial stage in your relationship!

Can you read the signs?

A Dash of Sweetness with a Special Rakhi Menu

A Dash of Sweetness with a Special Rakhi Menu
The homegrown brand by food expert Bharti Sanghi offers delicacies such as Theplas, Gur Paraas, Namak Paraas, and many more in a healthier form. Life has now come ahead with a lip-smacking Rakhi special menu that will add to your festive joy.

A Dash of Sweetness with a Special Rakhi Menu

Progressive Intercultural Community Services Society is holding a rally to create drug and gang free communities

Progressive Intercultural Community Services Society is holding a rally to create drug and gang free communities
PICS will be doing a car rally which will take place at PICS’s Head Office and move throughout Surrey. The rally will end at the Bear Creek Park, where there will be a walk and activities highlighting resources for youth in the community to prevent addiction and gang involvement.

Progressive Intercultural Community Services Society is holding a rally to create drug and gang free communities

Walt Disney Animation opening studio in Vancouver

Walt Disney Animation opening studio in Vancouver
The company says in a news release that the new studio would focus on long-form series as well as special projects created for the Disney+ streaming platform.

Walt Disney Animation opening studio in Vancouver