Lei Jianping on April 18
Tims Tianhao China (Nasdaq: THCH) today reported financial results. According to the financial report, Tims Tianhao China's revenue in 2023 will be 1.576 billion yuan (about 222 million US dollars), an increase of 55.9% from 1.011 billion yuan in the same period last year.
Tims China's operating loss in 2023 was 701 million yuan (about 98.76 million US dollars), compared with an operating loss of 582 million yuan in the same period last year, and a net loss of 873 million yuan (about 123 million US dollars), compared with a net loss of 745 million yuan in the same period last year.
Tims China's total revenue in the fourth quarter of 2023 was 391 million yuan (about 55.1 million US dollars), an increase of 29.8% from 302 million yuan in the same period last year. As of December 31, 2023, Tims Tianhao China has a total of 912 stores.
Tims China's self-owned and operated store sales revenue for the fourth quarter of 2023 was RMB341.5 million (approximately US$48.1 million), an increase of 25.3% from RMB272.5 million in the same period last year, mainly due to the increase in the number of stores owned and operated by the Company from 547 as of December 31, 2022 to 629 as of December 31, 2023.
Other revenue for the fourth quarter of 2023 was $49.7 million, an increase of 71.4% from $29.0 million in the same period last year, primarily due to the growth of the rapidly expanding Tims China e-commerce business and higher revenue from franchise fees and other franchise support activities, which was due to the increase in the number of franchise stores from 70 as of December 31, 2022 to 283 as of December 31, 2023.
Tims China's costs and expenses for the fourth quarter of 2023 were RMB367 million (approximately US$51.6 million), an increase of 18% from RMB311 million in the same period last year.
Tims China's net loss for the fourth quarter of 2023 was RMB311 million (approximately US$43.8 million), compared to a net loss of RMB223 million in the same period last year, and an adjusted net loss of RMB118 million, compared to an adjusted net loss of RMB100 million in the same period last year.
Lu Yongchen, CEO of Tims Tianhao China, said: "Despite the continued fierce competition in the Chinese coffee market and the low demand season in winter, we achieved solid growth in the fourth quarter and the full year of 2023. This is the 5th year that Tims China has been deeply involved in the Chinese market, and the company's management will go all out to achieve the profit growth target in the next five years, and is confident to create long-term sustainable value for shareholders. ”
As of December 31, 2023, Tims China held cash, cash equivalents, time deposits, and short-term investments of RMB221 million (approximately US$31.1 million), compared with RMB612 million in cash, cash equivalents, term deposits, and short-term investments in the same period last year.
Judging from the current losses of Tims Tianhao China and the state of cash and cash equivalents it has, there may be a relatively tight situation in the capital chain of Tims Tianhao China in the coming year.
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