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Tim Hortons records huge dip in sales as second quarter results released

Tim Hortons has recorded a huge loss in earnings for the second quarter of 2020.

Its parent company, Restaurant Brands International Inc., reported a fall in net income of 37% compared with last year.

Sales were down 21%.

Earnings for Tim Hortons were down to US$147 million, compared to $287 million over the same period in 2019.

Burger King, which is owned by the same company, saw earnings fall from $252 million to $160 million.

<who> Photo credit: Canadian Press

But its other major brand, Popeyes, saw an increase in earnings – from $41 million to $51 million.

Jose Cil, CEO of Restaurant Brands International Inc., said the COVID-19 crisis had presented “unprecedented challenges” for the company.

“I am so proud of our restaurant owners, our restaurant team members, and our entire team at RBI for their incredible work and dedication in confronting this crisis," he said.

“By the end of the quarter, we were back to 90% of our prior year system-wide sales with 93% of our restaurants open worldwide, which speaks to the strength and resilience of our three amazing brands and business model."



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