OAKVILLE, Ont. -- Coffee and doughnut chain Tim Hortons Inc. (TSX:THI) has reported a 10 per cent increase in first-quarter net income as strong system-wide sales growth led to higher rents and royalty revenue.
The Ontario-based purveyor of coffee, pastries and other snack foods says net income attributable to Tim Hortons Inc. was $88.6 million or 56 cents per diluted share in the three months ended April 1.
That compared with $80.7 million or 48 cents per share in the same 2011 period.
Total revenue, including sales, rents and royalties and franchise fees, rose 12.1 per cent to $721.3 million from $643.5 million.