According to the financial report, the company's third-quarter revenue was 306 million yuan, a year-on-year increase of 67.9%, setting a new high in revenue in a single quarter; a net loss of 195 million yuan, a year-on-year increase of 72.4%.

On November 30, the chain coffee brand Tims China (THCH.US) announced its third quarter financial report for 2022.

financial report shows that the company's third-quarter revenue was 306 million yuan, and increased by 67.9% year-on-year, setting a new high in revenue in a single quarter; the net loss was 195 million yuan, and increased by 72.4% year-on-year.

↑ Data picture According to Visual China

In the third quarter, Tims China opened 46 new stores. As of the end of the third quarter of 2022, Tims had 486 net stores in China, including 454 self-operated stores and 32 franchise stores, covering 27 cities across the country. In October, it announced the opening of its 500th store in China.

TimsChina's revenue and profit in this quarter are related to the number of stores. During the reporting period, the company's self-operated stores had net income of 290 million yuan, a year-on-year increase of 67%. At the same time, rental costs have dropped sharply, and the rental discounts it received in the third quarter of 2022 have reduced the proportion of "lease fees/company owning and operating stores" from 24.7% in the third quarter of 2021 to 12.5% ​​in the third quarter of 2022.

, but increased by 36.3% year-on-year, allowing Tims China to increase revenue but not increase profits . In response, Tims China said that during the reporting period, the company continued to optimize its cost structure, promoted operating leverage through revenue growth, and increased store-level profit margins.

Tims Hortons is a coffee brand founded in Canada in 1964. In 2018, its parent company and Descartes Capital Group jointly established Tims China. In September 2022, Tims China was listed separately and logged into the Nasdaq market.

prospectus shows that from 2019 to 2021, Tims China's revenue was RMB 57.26 million, RMB 212 million and RMB 643 million, respectively; net losses were RMB 87.83 million, RMB 143 million and RMB 383 million, respectively. After three years of entering the Chinese market, Tims China has accumulated a cumulative loss of more than 600 million yuan.

Tims China has stated that by 2026, its number of stores in China will increase to 2,750.

Red Star News Reporter Yu Yao Cheng Luyang

Editor Yu Dongmei Intern Editor Luo Yuting

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