By Daniella Parra
TH International Limited (Nasdaq: THCH), the exclusive operator of Tim Hortons coffee shops in China, said first quarter revenue increased 49.8% from a year earlier.
Adjusted EBITDA margin increased 13.8 percentage points from the first quarter 2022 to 1.9%, the company said in a statement.
Net new store openings totaled 31, with four company owned and operated stores and 27 franchised stores, Tims China said.
“Despite the difficult circumstances brought by the high number of COVID-19 infection cases across the country in January, our team’s diligence, continuous innovation and creative marketing contributed to our strong recovery with customer demand returning after the Chinese New Year, as evidenced by 17.1% and 19.4% same-store sales growth for company owned and operated stores in February and March, respectively,” said CEO Yongchen Lu.
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