Inflation has not affected the caffeine needs of Canadians, who are again consuming more and more at Tim Hortons as the company has seen a significant increase in traffic to its stores since the end of the pandemic.
However, sales did not reach the amounts expected by analysts, who forecast sales of $1.87 billion (C$2.56 billion), while the company reported $1.84 billion at the end of the quarter on September 30 (2.53 billion Canadian dollars), Financial Post reported.
Therefore, despite the increased traffic, the company recorded a decline in profits.
Axel Schwan, President of Tim Hortons, remains positive. “We don’t see any impact on business,” he said. For 60 years there have been many ups and downs, different losses and different gains, and all that time we have been giving people good food and good products.”
“We now have 10 quarters of system-wide revenue growth in Canada and significant traffic growth,” he added. That’s why Canadians have been returning to Tim Hortons more and more since the pandemic.”