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Tim Hortons (NYSE:TSI) reported higher sales but lower operating income. The drop is blamed primarily on issues relating to Wendy’s sale such as expensing of stock options. The problems in ramping up the Guelph distribution facility are disturbing and have not been adequately discussed. Management points to strong same store sales. They also expect to open 100 new stores in Q4. This surge will eventually drive same store sales and then stall it. Many of the new stores will be the smaller stripped down counters and not the full fledged outlets. The markets will be smaller and therefore more vulnerable to rapidly changing micro demographics such as pedestrian traffic. Tim’s growth can best be expected from menu expansion such as their new breakfast sandwich. Precious little insight has been offered in this area.

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