Inflation has not affected the need for caffeine among Canadians who are returning to consume more and more at Tim Hortons, since the company has seen traffic in its branches increase significantly since the end of the pandemic.
However, sales did not reach the sums expected by analysts, who predicted a turnover of US$1.87 billion (CA$2.56 billion), while the company recorded 1.84 billion US$ (C$2.53 billion) at the end of the quarter on September 30, the Financial Post reported.
Despite the increase in traffic, the company therefore recorded a drop in profit.
Tim Hortons president Axel Schwan remains positive. “We don’t see any impact on the business,” he said. For 60 years there have been many ups and downs, different losses and different gains, and all this time we have stood there giving people good food and good products.”
“We now have 10 quarters of system-wide sales growth in Canada, we have significant traffic growth,” he added. So Canadians have been coming back to Tim Horton’s more and more since the pandemic.”