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Oct 24, 2018

‘There’s no tricks’: Tim Hortons president confident about the chain’s future growth

Tim Hortons president: I'd give the brand a B this quarter

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Tim Hortons’s president said he’s confident results at the coffee-and-doughnut chain will improve going forward following an increase in same-store sales in the third-quarter of the year.  

“I’d give us a solid B,” said Alex Macedo in an interview with BNN Bloomberg Wednesday, of the company’s most recent quarter.

Despite the mixed quarter for the chain’s parent company Restaurant Brands International Inc., which narrowly missed analysts’ earnings estimates, as sales at Tim Hortons outlets that were open for over one year rose 0.6 per cent compared to the same period last year.

“We’ve seen very consistent progress since the beginning of the year, and I think we’re on the way to getting an ‘A-plus’ in the next few quarters,” Macedo said.



Macedo said his confidence in the chain comes as it learns to work better with franchisees in the wake of the strained relationship between Tim Hortons, its parent, and some of its restaurant owners, who have battled over everything from cost-cutting measures amid Ontario’s minimum wage hike to a class-action lawsuit over the company's alleged improper use of a $700-million national advertising fund.

Macedo attributes much of Tim Hortons’ success in the last quarter on being able to focus on its staple products such as coffee and baked goods.  

“There’s no tricks – there weren’t any one-off promotions or deep discounting, or anything like that, he said. “We just had very good beverages, cold beverages during the summer, that we executed very well in our advertising campaigns.”

The chain also launched all-day breakfast in Canada this past summer which bolstered sales of breakfast food items, Macedo said.  

“We’ve actually just executed on the basics very well,” Macedo said. “That’s why I’m confident that it’s only going to get better from here on.”

Macedo also expressed his confidence in Tim Hortons’ growth in global markets like the Middle East and China, where the chain plans to roll out 1,500 new stores over the next decade.

He noted the chain has been performing “very well” in the Middle East, which was Tim Hortons’ first international market after the United States.

And despite global tensions over the death of Saudi journalist Jamal Khashoggi, Macedo gave no indication of changing Tim Hortons’ expansion plans in the region where there’s already 125 stores.  

“We’re so confident that we have a very good product to offer in terms of the quality of our beverages, the taste of our food, and our overall restaurant environment, that we can really succeed and get guests and customers to come in our restaurants  despite these issues that are happening around the world,” Macedo said.