TIM HORTONS

Data Based On: 579 franchised Standard Shops open as of December 31, 2024 and reported at least 10 months of sales for 2024. A subset of 496 of these shops provided COGS and labor expense data.

* Calculated an estimated profit range based on the average monthly gross sales ($105,737), and the average and median COGS (29% average, 30% median) and labor expenses (30% average and median). The lower estimate uses the higher combined expense percentages (30% COGS + 30% Labor = 60%), resulting in $105,737 * (1 - 0.60) = $42,295. The higher estimate uses the lower combined expense percentages (29% COGS + 30% Labor = 59%), resulting in $105,737 * (1 - 0.59) = $43,352. It is explicitly stated in Note 4 of Item 19 that this calculation does not include all costs of sales, operating expenses, royalties, or other fees that must be deducted to reflect net income or profit.