Tim Horton's (THI) reported a solid gain in third quarter earnings today.
The quick service restaurant said profits rose to $103.6 million Canadian, or $0.65 Canadian per share, from $81.7 million Canadian, or $0.42 per share, in last year's third quarter.
Results beat analyst estimates.
Revenue rose 8%, to $727 million Canadian, on same-store sales growth of 6.3% in the U.S. and 4.7% in Canada.
At the same time that Tim Horton's has been beefing up its espresso and savory offerings, it has faced increased competition from rivals like McDonald's (NYSE:MCD), which has been increasing its breakfast options.
Tim Horton's also competes with traditional coffee and pastry restaurants like Dunkin Brands' (NASDAQ:DNKN) Dunkin Donuts and Starbucks (NASDAQ:SBUX).
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