Tims China, the exclusive operator of Tim Hortons and Popeyes outlets in China, reported a reduced net loss of US$19.8 million for the first quarter of 2024, an improvement over the US$24.1 million loss recorded in the same period last year.
The company’s total revenue for the first three months of 2024 was US$48 million, marking a 3.1% increase from the first quarter of 2023. Additionally, Tims China expanded its footprint by opening five new stores, bringing the total number of outlets to 917.
Yongchen Lu, Chief Executive Officer and Director of Tims China, highlighted the company’s growth and operational improvements. “Our system sales grew by 7.1% in the first quarter, and we made significant progress towards achieving our goal of quarterly adjusted corporate EBITDA breakeven later this year,” he said. Lu also noted that the company’s loyalty program membership surged to over 20 million by March 31, 2024, reflecting a 63.6% increase year-over-year and underscoring strong customer engagement.
“Continual innovation in our product offerings is key to our strategy,” Lu added. The company introduced 14 new beverage options and 18 new food items during the quarter.
In celebration of its fifth year in China and the 60th anniversary of the Tim Hortons brand, Tims China also launched a new “Double Double” latte series tailored for the Chinese market.