Business
Tims China Announces First Quarter 2023 Financial Results
Total Revenues Increased 49.8% Year-over-Year for the First Quarter 2023 31 Net New Store Openings in the First Quarter,648 System-Wide Stores at Quarter-End
About this update from Th International Limited
[{"type":"text","content":"Total Revenues Increased 49.8% Year-over-Year for the First Quarter 2023 31 Net New Store Openings in the First Quarter,648 System-Wide Stores at Quarter-End 12.4 Million Registered Loyalty Club Members at Quarter-End,Represents 79.3% Year-over-Year Growth Adjusted Store EBITDA Margin Increased 13.8 Percentage Points from the First Quarter 2022 to 1.9% Continued Recovery: 8.0% Same-store Sales Growth for Company Owned and Operated Stores in the First Quarter 2023, Including 17.1% in February and 19.4% in March SHANGHAI and NEW YORK, May 30, 2023 (GLOBE NEWSWIRE) -- TH International Limited (Nasdaq: THCH), the exclusive operator of Tim Hortons coffee shops and Popeyes restaurants in China (“Tims China” or the “Company”) today announced its unaudited financial results for the first quarter 2023. FIRST QUARTER 2023 HIGHLIGHTS Total revenues were RMB336.5 million (USD49.0 million), representing a 49.8% increase from the same quarter of 2022.Net new store openings totaled 31 (4 company owned and operated stores and 27 franchised stores).Adjusted store EBITDA1 was RMB6.0 million (USD0.9 million), compared to a loss of RMB25.0 million in the same quarter in 2022.Adjusted store EBITDA margin2 was 1.9%, representing an increase of 13.8 percentage points from the same quarter in 2022. 1 Adjusted store EBITDA is calculated as fully-burdened gross profit3 of company owned and operated stores excluding depreciation & amortization and store pre-opening expenses.2 Adjusted store EBITDA margin is calculated as adjusted store EBITDA as a percentage of revenues from company owned and operated stores.3 Fully-burdened gross profit of company owned and operated stores, the most comparable GAAP measure to adjusted store EBITDA, was a loss of RMB35.9 million (USD5.2 million) for the three months ended March 31, 2023, compared to a loss of RMB65.5 million in the same quarter of 2022. COMPANY MANAGEMENT STATEMENT Mr. Yongchen Lu, CEO & Director of Tims China, commented, “We are pleased to have set a new record for quarterly revenues while achieving positive adjusted store EBITDA in the first quarter of 2023. 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 retu...