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 (MCD), which has been increasing its breakfast options.
Tim Horton's also competes with traditional coffee and pastry restaurants like Dunkin Brands' (DNKN) Dunkin Donuts and Starbucks (SBUX).
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