Canada's Tim Hortons raises dividend, to buy back shares

Thu Feb 20, 2014 7:55am EST

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Feb 20 (Reuters) - Canadian coffee and doughnut chain Tim Hortons said it would buy back up to C$440 million ($398.7 million) in shares and raised its quarterly dividend, after it reported an 11 percent rise in fourth-quarter sales.

Net income attributable to Tim Hortons for the quarter ended Dec. 31 was nearly flat at $100.6 million, compared with $100.3 million a year earlier. Revenue rose to C$898.5 million.

The company raised its quarterly dividend to 32 Canadian cents per share from 26 Canadian cents per share. The dividend is payable on March 18, to shareholders of record as of March 3.

The share repurchase program is part of a previously announced program to buy back up to C$1.2 billion in shares through August, the company said in a statement.

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