Tim Hortons Inc. has reported a slight contraction in net income in what was expected to be a "soft" first quarter as the iconic coffee and doughnut chain announced the appointment of a new president and CEO.
Profits weakened at Tim Hortons Inc. in the fourth quarter as the restaurant chain logged fewer customer transactions, and booked costs related to a lengthy search for a new chief executive -- who is expected to be in place by this summer.
The iconic Canadian purveyor of 'double double' coffees ranks among the top five in Zagat's latest fast food survey. Tim Hortons (TSX:THI) was voted fifth-best overall in the 'quick refreshment' category.
While Tim Hortons Inc. profits and sales continue to improve, Canada's biggest coffee chain says growth may be constrained as frugal consumers -- while not prepared to give up their morning java -- are cutting back on afternoon snacks.