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Costumers line up at the Tim Hortons coffee shop inside New York's Penn Station, Monday, July 13, 2009. Canadian doughnut and coffee chain Tim Hortons Inc. said it is opening 12 new locations in New York City, with three more planned for August. (AP Photo/Mary Altaffer) (Mary Altaffer/Mary Altaffer/AP)
Costumers line up at the Tim Hortons coffee shop inside New York's Penn Station, Monday, July 13, 2009. Canadian doughnut and coffee chain Tim Hortons Inc. said it is opening 12 new locations in New York City, with three more planned for August. (AP Photo/Mary Altaffer) (Mary Altaffer/Mary Altaffer/AP)

Tim Hortons profit up 18 per cent Add to ...

Tim Hortons Inc. has served up a fatter profit for its investors and says it will roll out a new distribution centre in eastern Ontario by next year.

The Canadian purveyor of coffee, snacks and light meals says it had $78.9-million in profit in the first three months of this year - up 18.7 per cent from last year.

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On a per-share basis, diluted earnings rose to 45 cents from 37 cents.

Tim Hortons says its first-quarter revenue was up 4.8 per cent, rising to $582.6-million including franchise fees, rents and royalties.

Its board has also approved construction of a replacement distribution centre in Kingston, Ont., to supply about 650 restaurants in Ontario and Quebec.

The new Kingston distribution centre will cost about $45-million by the time its operational in the second half of 2011.

The company delivered its results a day ahead of its annual meeting in Toronto.

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