TH International Limited, the exclusive operator of Tim Hortons
coffee shops in China (“Tims China” or the “Company”) today
announced that it has opened its 500th coffee shop and grew
consolidated revenue by over 70% in the first half of 2022 versus
the same period last year.
The 500th store is located in Dongguan, a city
of over 10 million people on the Pearl River delta, less than 50
miles from Hong Kong. This latest opening underscores Tims China’s
acceleration into new cities across China.
Tims China’s 500th coffee shop, located in
Dongguan, Guangdong Province
Tims China’s first store in Dongguan captures
the signature warmth of the brand as well as locally relevant
nuances, reflecting the southern location and local style, and
offers a relaxing environment for guests seeking comfort and
refreshment. To celebrate the opening of its 500th coffee shop,
Tims China is offering buy-one-get-one (BOGO) sales in all of its
stores from October 12 to October 18.
Tims China serves freshly brewed beverages and
baked goods to millions of guests, including over 9 million loyalty
club members.
Customers at the Dongguan Coffee Shop on Opening
Day
Yongchen Lu, CEO of Tims China, said, “We have
entered autumn in a very special way this year. Closely following
our listing as a public company, we are pleased to announce our
500th coffee shop. This opening illustrates how we are going deeper
into China to offer more guests a great coffee experience.”
Tims China opened its first store in Shanghai in
2019 and its 300th store less than a year ago, in October 2021. The
500th store opening comes shortly after the Company’s shares began
trading on Nasdaq under the symbol “THCH” on September 29,
2022.
Tims China Chairman Peter Yu rings the opening
bell at the Nasdaq HQ in New York
At the same time, Tims China announced strong
year-on-year revenue growth in the first half of 2022. Revenue for
the first half of 2022 totaled RMB 404 million, 70% higher than the
RMB 237 million generated in the same period of 2021.
About TH International
Limited
TH International Limited is the parent company
of the exclusive master franchise of Tim Hortons coffee shops for
Restaurant Brands International Inc. (TSX: QSR) (NYSE: QSR) in
China, including Hong Kong and Macau. TH International Limited was
founded by Cartesian Capital Group and Tim Hortons Restaurants
International, a subsidiary of Restaurant Brands International.
Tims China offers freshly brewed coffee, tea and
other beverages, bakery & sides, and sandwiches and is an
emerging coffee champion in China. The brand's philosophy is rooted
in world-class execution and data-driven decision making and
centered on true local relevance, continuous innovation, genuine
community, and absolute convenience. For more information, please
visit www.timhortons.com.cn.
Contacts
Investor RelationsTims China
Investor Relations:IR@timschina.com
ICR, LLCTimsChinaIR@icrinc.com
Public Relations ICR, LLC
TimsChinaPR@icrinc.com
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These forward-looking statements generally are
identified by the words “believe,” “project,” “expect,”
“anticipate,” “estimate,” “intend,” “strategy,” “future,”
“opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,”
“will continue,” “will likely result,” and similar expressions.
Without limiting the generality of the foregoing, the
forward-looking statements in this press release include
descriptions of the Company’s future commercial operations, such as
the geographic expansion of its store network, its upcoming sales
and its ability to offer a great coffee experience to customers.
Forward-looking statements are predictions, projections and other
statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this press
release, such as the Company’s inability to implement its business
plans, identify and realize additional opportunities, or meet or
exceed its financial projections and changes in the regulatory or
competitive environment in which the Company operates. You should
carefully consider the foregoing factors and the other risks and
uncertainties described in the Company’s registration statement on
Form F-1, as amended, initially filed with the U.S. Securities and
Exchange Commission (the “SEC”) on October 13, 2022 and other
documents to be filed by the Company with the SEC from time to
time, which could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements. The Company cannot assure you that these
forward-looking statements will prove to be accurate and assumes no
obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events or otherwise.
Photos accompanying this announcement are available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/0c5dbb56-97a8-41b8-880d-30c6dd21a280
https://www.globenewswire.com/NewsRoom/AttachmentNg/e3b7ef18-3523-482e-8f2b-9ba334ed1e88
https://www.globenewswire.com/NewsRoom/AttachmentNg/22d6049d-2444-44f4-9147-fab0e373a67c
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