From GlobeNewswire: 2024-06-05 06:28:00

Total revenues for the first quarter of 2024 increased by 3.1% to RMB346.8 million, while system sales increased by 7.1% to RMB363.5 million. The company reported seven consecutive positive quarterly adjusted store EBITDA and ended the quarter with 20.3 million registered loyalty club members, a 63.6% year-over-year growth. Net new store openings totaled five.

CEO & Director Mr. Yongchen Lu highlighted the company’s 7.1% system sales growth and continuous improvement in bottom-line performance. With over 20 million registered loyalty club members, Tims China aims to achieve its first quarterly adjusted corporate EBITDA breakeven this year. The company also launched new beverages, food products, and collaborations with Tangle Angel and Dove Chocolate.

CFO Mr. Dong (Albert) Li emphasized the company’s operational efficiency enhancements in the face of challenges during the first quarter of 2024. By reducing costs at the headquarter level and optimizing store unit economics, the company achieved year-over-year reductions in food and packaging costs, rental expenses, and labor costs. Adjusted general and administrative expenses also decreased by 4.1 percentage points year-over-year.

Total revenues for the three months ended March 31, 2024, were RMB346.8 million, representing a 3.1% increase from the same quarter in 2023. Company owned and operated store sales reached RMB311.0 million, with other revenues totaling RMB35.8 million. The company reduced costs and expenses for food and packaging, rental, payroll, delivery, and other operating expenses, contributing to improved financial performance.



Read more at GlobeNewswire:: Tims China Announces First Quarter 2024 Financial Results