Business
Tims China Announces Fourth Quarter and Full Year 2022 Financial Results
Total Revenues Increased 34.6% Year-over-Year for the Fourth Quarter and57.2% Year-over-Year for the Full Year 2022 131 Net New Store Openings During the
About this update from Th International Limited
[{"type":"text","content":"Total Revenues Increased 34.6% Year-over-Year for the Fourth Quarter and57.2% Year-over-Year for the Full Year 2022 131 Net New Store Openings During the Fourth Quarter,617 System-Wide Stores at Year-End 11.3 Million Registered Loyalty Club Members at Year-End,Representing 88.5% Year-over-Year Growth Adjusted Store EBITDA Margin Increased 0.6 Percentage Points to 4.7% Continued Recovery: 17.1% Same-store Sales Growth for Company Owned and Operated Stores in February 2023 SHANGHAI and NEW YORK, April 06, 2023 (GLOBE NEWSWIRE) -- TH International Limited (Nasdaq: THCH), the exclusive operator of Tim Hortons coffee shops in China (“Tims China” or the “Company”) today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2022. FOURTH QUARTER 2022 HIGHLIGHTS Total revenues were RMB301.5 million (USD43.7 million), representing a 34.6% increase from the same quarter of 2021.Net new store openings totaled 131 (93 company owned and operated stores and 38 franchised stores).Adjusted store EBITDA1 was RMB12.8 million (USD1.9 million), representing a 45.7% increase from the same quarter of 2021.Adjusted store EBITDA margin2 was 4.7%, representing an increase of 0.6 percentage points from the same quarter of 2021. _________________________ 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 RMB46.4 million (USD6.7 million) for the three months ended December 31, 2022, compared to a loss of RMB52.7 million in the same quarter of 2021. FULL YEAR 2022 HIGHLIGHTS Total revenues were RMB1,011.1 million (USD146.6 million), representing a 57.2% increase from 2021.Net new store openings totaled 227 (174 company owned and operated stores and 53 franchised stores) in 2022, reaching 617 total stores at year-end (547 company owned and operated stores and 70 franchised stores).Registered loyalty club members totaled 11.3 million as of December 31, 2022, representing an 88.5% increase from 2021. COMPANY MANAGEMENT STA...