Tim Hortons U.S. sales rise 4%

by Eric Schroeder
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TORONTO — Same-store sales rose 6.3% at Tim Hortons restaurants in Canada and 4% at restaurants in the United States for the first quarter ended April 1. Overall, Tim Hortons posted net income of C$59,261,000, equal to C$0.31 per share, in the first quarter, down 7% from C$63,590,000, or C$0.39 per share. Sales were C$424,608,000, up 14% from C$372,758,000. "In the U.S. market, which represents approximately 10% of our stores, same-store sales growth of 4% was below our long-term target," said Paul House, chairman and chief executive officer. "We believe this is a result of a milder winter last year compared to this year and heavier competition, as well as the number of new stores opened late in 2006."

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