Tim Hortons profit rises 14 pct; to boost share buyback

Thu Aug 8, 2013 7:57am EDT
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Aug 8 (Reuters) - Canadian coffee and doughnut chain Tim Hortons Inc reported a 14 percent rise in second-quarter profit, and said it would increase its share buyback by C$900 million.

Net income attributable to Tim Hortons rose to C$123.7 million, or 81 Canadian cents per share, from C$108.1 million, or 69 Canadian cents per share, a year earlier.

Total revenue rose 2 percent to C$800.1 million ($767.5 million).

Hedge fund Scout Capital Management and its U.S. rival Highfields Capital had been pressuring the company to increase its debt levels to fund a share buyback.