New stores boost Tims

Article Excerpt

TIM HORTONS $31.78 (Toronto symbol THI; SI Rating: Average) (905-845-6511; www.timhortons.com; Shares outstanding: 181 million; Market cap: $5.8 billion) reports that its revenue rose 8.9% in the three months ended June 28, 2009, to $556.1 million from $510.7 million a year earlier. Canadian same-store sales rose 1.7%, and U.S. same-store sales rose 3.3%. Earnings climbed 3.7%, to $77.8 million from $75 million. Earnings per share gained 4.9%, to $0.43 from $0.41, on fewer outstanding shares. The higher results were partly the result of the 25 new stores Tim Hortons opened during the quarter. Ten of these were in the U.S. Tim Hortons is still a buy. buy…