Shares of Canadian coffee shop chain Tim Hortons brewed a fresh 52-week high of $40.09 on Monday, before closing the day at $39.71.
Tim Hortons booked a 9.8% jump in revenue and a 20.6% surge in profits, year-over-year, for the recent quarter.
Analysts from Morgan Joseph initiated coverage of Tim Hortons in late September, giving the stock a buy rating.
Despite strong sales and earnings growth, Tim Hortons said it plans to close 36 underperforming stores before the end of 2010, 34 of which are in the Providence and Hartford markets, as it works to "reinvest in our core growth markets in the Northeast and Midwest U.S. where the brand continues to demonstrate strengthening average unit volumes, cash flows and brand progression."Hortons said same-store sales rose 4.3% in Canada and 3.3% in the U.S last quarter. Hortons' overall sales results beat expectations for revenue of $657.3 million, but profits came up short. Excluding the asset impairment charge, earnings per share would have been 54 cents, a penny ahead of expectations. -- Written by Miriam Marcus Reimer in New York.
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