SHANGHAI, China and NEW YORK, USA – TH International Limited, the exclusive operator of Tim Hortons coffee shops in China (“Tims China”) announced that it has opened its 500th coffee shop and grew consolidated revenue by over 70% in the first half of 2022 versus the same period last year.
The 500th store is located in Dongguan, a city of over 10 million people on the Pearl River delta, less than 50 miles from Hong Kong. This latest opening underscores Tims China’s acceleration into new cities across China.
Tims China’s first store in Dongguan captures the signature warmth of the brand as well as locally relevant nuances, reflecting the southern location and local style, and offers a relaxing environment for guests seeking comfort and refreshment. To celebrate the opening of its 500th coffee shop, Tims China is offering buy-one-get-one (BOGO) sales in all of its stores from October 12 to October 18.
Tims China serves freshly brewed beverages and baked goods to millions of guests, including over 9 million loyalty club members.
Yongchen Lu, CEO of Tims China, said, “We have entered autumn in a very special way this year. Closely following our listing as a public company, we are pleased to announce our 500th coffee shop. This opening illustrates how we are going deeper into China to offer more guests a great coffee experience.”
The company opened its first store in Shanghai in 2019 and its 300th store less than a year ago, in October 2021. The 500th store opening comes shortly after the Company’s shares began trading on Nasdaq under the symbol “THCH” on September 29, 2022.
At the same time, Tims China announced strong year-on-year revenue growth in the first half of 2022. Revenue for the first half of 2022 totaled RMB 404 million, 70% higher than the RMB 237 million generated in the same period of 2021.
