Business
Tims China Announces Second Quarter 2023 Financial Results
Total Revenues Increased 129.7% Year-over-Year to a Record RMB411.7 Million for the Second Quarter 2023 Delivered 20.4% Same-Store Sales Growth for Company
About this update from Th International Limited
[{"type":"text","content":"Total Revenues Increased 129.7% Year-over-Year to a Record RMB411.7 Million for the Second Quarter 2023 Delivered 20.4% Same-Store Sales Growth for Company Owned and Operated Stores in the Second Quarter 2023 SHANGHAI, China and NEW YORK, Aug. 29, 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 second quarter 2023. SECOND QUARTER 2023 HIGHLIGHTS Total revenues were RMB411.7 million (USD56.8 million), representing a 129.7% increase from the same quarter of 2022.Net new store openings totaled 52 (20 company owned and operated stores and 32 franchised stores), resulting in 700 system-wide stores at quarter-end.14.7 million registered loyalty club members at quarter-end, representing a 95.4% year-over-year growth.Adjusted store EBITDA1 was RMB18.2 million (USD2.5 million), compared to a loss of RMB43.8 million in the same quarter in 2022.Adjusted store EBITDA margin2 was 5.0%, representing an increase of 31.6 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 RMB23.1 million (USD3.2 million) for the three months ended June 30, 2023, compared to a loss of RMB80.2 million in the same quarter of 2022. COMPANY MANAGEMENT STATEMENT Mr. Yongchen Lu, CEO & Director of Tims China, commented, “In the second quarter, we delivered 129.7% year-over-year top-line growth, achieving a record quarterly revenue of over RMB400 million, driven both by new store openings and continued strong same-store traffic and sales growth. We continued to build density in our existing cities and penetrate new cities such as Yantai, Taizhou, Changzhou. At the same time, we achieved greater capital efficiency via increasing franchise development, notably through the rapid expansion of Tims Express, our ...