Tim Hortons cuts back menu, drops Cold Stone Creamery
Tim Hortons. (HO)
Tim Hortons has removed Cold Stone Creamery ice cream and few classic items from its menu as the company strives to get back to its "core business."
Also on the chopping block are mixed-berry smoothies, blueberry and chocolate danishes, double-berry muffins, walnut crunch donuts, Timbit Dutchies and gingerbread man cookies.
"We have decided to focus more directly on our core business," the company said in a statement about its "ongoing simplification efforts."
The decision to part ways with Cold Stone cost the company $19 million in debranding in the fourth quarter.
The news comes as the Canadian coffee and doughnut chain reported higher-than-expected quarterly revenue on Thursday and announced a dividend increase and a share buyback plan.
Shares of Tim Hortons, which faced investor pressure last year to return capital, were up 3% at C$59.66. At Wednesday's close, the stock had fallen nearly 8% since the company last reported quarterly earnings in November.
The ice cream remains available at U.S. Tim Hortons locations.
-- with files from Reuters