UPDATE 2-Tim Hortons' profit up 8 percent, chain eyes more than coffee

Thu Nov 7, 2013 3:12pm EST
 
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* Third-quarter profit up 8 pct to C$0.75/share

* Revenue C$825.4 mln vs estimate C$824.5 mln

* U.S. same-store sales rose by 3 pct

* Shares edge higher after results

By Solarina Ho

TORONTO, Nov 7 (Reuters) - Canadian coffee and doughnut chain Tim Hortons Inc , which is exploring ways to expand in an intensely competitive market, reported an 8 percent rise in quarterly profit as same-store sales improved slightly in the United States.

Shares of the company, which says it sells nearly eight of every 10 cups of coffee sold in Canada, edged higher following the results, which included a 3 percent rise in revenue.

Tim Hortons reported that U.S. same-store sales grew by 3 percent, while Canadian same-store sales rose 1.7 percent.

"The third quarter was one of progress and improved momentum for us. And our key indicators are moving in the right directions," Chief Executive Officer Marc Caira told analysts in a conference call.   Continued...