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News from Reuters

Costs bite into Tim Horton's results

30/10/09

TORONTO (Reuters) - Tim Hortons , operator of the iconic Canadian coffee shop chain, reported a lower quarterly profit on Friday as costs related to a corporate reorganization bit into its profit, and it warned sales in its Canadian stores could slow.

The company, which last month completed plans to reorganize as a Canadian public company to take advantage of a better tax rate, said it earned C$61.2 million ($57.2 million), or 34 Canadian cents a share, for the quarter ended September 27, down from C$78.8 million, or 43 Canadian cents a share, for the same time last year.

The 2009 quarterly earnings figure included a 13 Canadian cent charge related to the reorganization.

Revenue rose 10.7 percent to C$563.6 million.

($1=$1.07 Canadian)

(Reporting by Scott Anderson; Editing by Steve Orlofsky)

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