On November 30, Tims China released its third quarter financial report for 2022, which is also the first financial report released by the company after its listing. Data shows that the company's total net income in the third quarter was 306 million yuan, and increased by 67.9% year-on-year, creating the highest revenue value in a single quarter; the net loss was 195 million yuan, and the adjusted net loss was 87.5 million yuan, an expansion from 113.1 million yuan and 76.4 million yuan in the same period last year.
store level, the company opened a new store every two days on average, and achieved 46 new stores in a single quarter. As of September 30, 2022, the total number of net stores reached 486, including 454 self-operated stores and 32 franchise stores, covering 27 cities across the country; the number of registered members reached 8.862 million, an increase of 85.8% year-on-year.
public information shows that Tims Hortons is a Canadian coffee brand founded in 1964. In 2018, its parent company and Descartes Capital Group jointly established Tims China. In September this year, the joint venture was listed separately and entered the Nasdaq market. When
first entered the Chinese market, the expansion target set by this old Canadian coffee brand was to "open 1,500 stores in 10 years". After nearly two years of development, the company's growth target has become "increased to 2,750 stores in 2026". In October this year, the company announced that it had opened its 500th store nationwide. The rapid growth of
stores is to a certain extent due to the marriage with giants. In September this year, Tims Express store opened in cooperation with Easy Coffee, a subsidiary of Sinopec , has already landed in several Sinopec gas stations in Beijing, and then opened many stores in Shanghai and Suzhou , which has also achieved good sales performance.
"The company's performance is mainly due to consumers' recognition of brand convenience, localization, communityization and innovation." Tims China CEO Lu Yongchen said that in the future, the company will innovate service formats and enrich product portfolios through external cooperation, and expand its greater development potential for the company.
Source: Beijing Daily Client Reporter Yang Tianyue
Process Editor: U022
