Tim Hortons profit slips; boosts dividend

Thu Feb 21, 2013 7:54am EST
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Feb 21 (Reuters) - Canada's Tim Hortons Inc reported a dip in fourth-quarter profit on Thursday and raised its dividend even as it said a tough market may hold back sales growth in its established coffee shops during the current quarter.

Net income for the fourth quarter to Dec. 30 slipped to C$100.3 million ($98.84 million), or 65 Canadian cents a share, from C$103.0 million, or 65 Canadian cents, a year earlier. Earnings per share were boosted by share buybacks.

Revenue rose 4.1 percent to C$811.6 million. Sales at established stores in Canada rose 2.6 percent, while same-store sales in the United States grew 3.2 percent.