updated - September 24, 2020 Thursday EDT
Tim Hortons Inc. announced it will be pulling the American ice cream brand Cold Stone Creamery from its restaurants in Canada.
The announcement came on Thursday, Feb. 20. Tim Hortons said $19 million was spent in the fourth quarter to end ice cream sales, according to Financial Post. The company now looks to make their menu simpler and focus on their popular food items.
Additional changes will be made to Tim Hortons' menu, such as taking off the raisin nut muffin, CTV News reported. Tim Hortons will also be taking out Gingerbread Man cookies and donuts such as the blueberry fritter and walnut crunch.
Tim Hortons has also been trying to make changes to the speed of its service in its Canadian restaurants, Financial Post reported. The company has been focusing on improving drive-thru outlets and bringing in digital menu boards, as well as introducing beverage-only lines.
Tim Hortons president and CEO Marc Caira, said on Thursday that Tim Hortons has been making necessary changes to make the company more successful, according to thestar.com.
"During the fourth quarter, we made important strides to position the company for future success," Caira said. "We have worked to enhance our capital structure, as well as simplify our operations, strengthen our menu, and refresh our restaurants, all to provide the ultimate guest experience."
Caira also commented on additional items being taking off the menu, saying the decision leaves space for new items that are offered for a limited time.
Tim Hortons reported on Thursday its fourth-quarter profits increased to $100.6 million from $100.3 million a year earlier, CTV News reported. Earnings also increased by four cents per share to 69 cents, but fell short of estimates of 77 cents per share.
Tim Hortons began its partnership with Cold Stone Creamery in 2009, according to thestar.com. While Cold Stone Creamery's run in Tim Horton's Canadian stores has ended, the partnership will continue in Tim Hortons' locations in the U.S.
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