A tremendous amount happened for Tim Hortons over the past 3 months. Most importantly the best place on earth turned the ripe ago of 50 and celebrated by brining back its heritage at a massive event in Toronto — see all the pictures here. In addition, new menu items included the Oreo Donut, Spicy Crispy Chicken Sandwich, Greek Yogurt and a plethora of strawberry infused muffins and donuts. On the technology front, Tim Hortons and CIBC officially launched the Double Double Visa and loyalty card.
What did all this amount to? Well, Tim Hortons announced its Q2 2014 results today and revenues growing 9.3% to $874.3 million compared to $800.1 million last year. “Guests have been responding favourably to our menu and technology innovation, resulting in good momentum in our business. Our second quarter results reflect strong organizational alignment and execution of our Winning in the New Era strategic plan,” said Marc Caira, president and CEO.
One of the key focusses that Tim Hortons wanted to work on was increasing the average order size per customer. According to its release, both the Canada and the United States saw “gains in average cheque resulting from favourable product mix and pricing.” Canada saw a same-store sales growth of 2.6%, while the U.S. same-store sales grew 5.9% year-over-year — looks like Timmies is on its way to dominating south of the border.
Specifics of the growth were caused by the Crispy Chicken Sandwich, Turkey Sausage Hot Breakfast Sandwich, Frozen Hot Chocolate and the larger Hash Brown. New Tim Hortons locations in Canada jumped by 29, while the United States saw one restaurant, and six restaurants in the Gulf Cooperation Council in the quarter.