Tim Hortons Reports Higher Same-store Sales In Q3

(RTTNews) - Canadian coffee and dough-nut chain Tim Hortons, Inc. (THI, THI.TO) on Monday pre-announced preliminary same-store sales growth results for the third quarter of 2014 quarter-to-date period.

For the third quarter nine-week period ending August 31, 2014, Tim Hortons said that Canadian same-store sales increased 3.6 percent, while U.S. same-store sales growth was 7.0 percent.

Tim Hortons said it is issuing the same-store results in connection with disclosure of such information in debt financing activities pertaining to its proposed strategic transaction involving Brazilian private equity firm 3G Capital Management and Burger King Worldwide Inc. (BKW).

The company does not plan to continue to provide preliminary same-store sales performance results in the future, and cannot provide any assurance as to expected same-store sales performance or other results for the full quarter or any other period.

Burger King Worldwide, an operator of fast-food hamburger restaurants, said in late August that it has agreed to acquire Tim Hortons, in a deal that creates the world's third-largest quick services restaurant company that will be based in Canada.

However, both Burger King and Tim Hortons will continue to operate after the closing as standalone, independent brands. Media reports indicated the value of the deal to be about $11.4 billion.

3G Capital Management will retain all of its investment in Burger King by converting its roughly 70 percent equity stake in Burger King into equity of the new company.

THI closed Friday's trading at $79.67, down $0.11 or 0.14 percent on a volume of 752,901 shares.