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.
>To contact the writer of this article, click here: Miriam Reimer. >To follow the writer on Twitter, go to http://twitter.com/miriamsmarket. >To submit a news tip, send an email to: firstname.lastname@example.org.
>>See our new stock quote page. Get more stock ideas and investing advice on our sister site, Stockpickr.com.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV