- Canadian coffee chain Tim Hortons sold more cold drinks at the end of 2024 because of a warm winter.
- Tim Hortons saw an over 6% growth in its cold drinks sales in the fourth quarter of 2024.
- The country, known for its frigid temperatures, has been seeing milder winters of late.
Tim Hortons saw growth in its cold beverages division because of a warm end of the year in 2024.
The Canadian coffee chain’s parent company, Restaurant Brands International, reported 2024 fourth-quarter and full-year earnings on Wednesday.
“Warmer than average Q4 temperatures contributed to over 6% growth in cold beverages,” the company’s CEO, Joshua Kobza, said of Tim Hortons Canada during its Wednesday earnings call.
“So we had a little bit warmer weather in the quarter and that tends to drive more cold beverage. And so we saw less good performance in some of our hot beverage,” Kobza said, responding to an investor’s question about the sales growth.
He added that Tim Horton’s baked goods performance took a hit, too, as such products are usually purchased with hot beverages.
Tim Hortons Canada saw a 2.5% growth in comparable sales in the latest quarter. The chain has over 4,000 outlets in Canada, branches in the US and Europe, and a growing presence in Asia.
Restaurant Brands International, which also owns Burger King and Popeyes, reported comparable sales growth of 2.5% in its latest quarter, with total revenues of $2.30 billion.
Milder winters in Canada
Canada, known for its frigid temperatures, has seen milder winters in recent years due to the climate crisis and environmental factors like the El Niño effect.
The December to February winter period in 2023 and 2024 was the warmest winter the country has experienced since 1948, per the Government of Canada’s Climate Trends and Variations Bulletin.
Environment and Climate Change Canada’s news release in December said that “close to or above normal temperatures across the north and east” were expected in the winter of 2024 and 2025, and the western part of Canada can expect a “warm start to the season.”
Representatives for Restaurant Brands International did not respond to a request for comment from Business Insider, sent outside regular business hours.
