Tim Hortons profits gain 5.5%

[projekktor id=’12846′]

First quarter profits are up at Tim Hortons, but increasing competition is forcing it to change the menu.

Tim Hortons earned almost $91 million in net profit, up more than five per cent from the same quarter last year.
Revenues were up 4.8 per cent, but that was less than what analysts had expected.

Tim Hortons opened 23 restaurants in Canada and 11 in the United States in the quarter. Hortons plans to keep introducing healthier menu items as the chain faces pressure from Starbucks and McDonald’s.

It still plans on opening 500 new stores over the next five years.

In the video above, Marvin Ryder of the DeGroote School of Business looks at the challenges facing Tim Hortons and other iconic Canadian businesses.