* Q3 adjusted EPS C$0.47 vs C$0.46 consensus view

* Canadian same-store sales up 3.1 pct

* Sees 2009 same-store sales at low end of forecast range

* Shares down 2.9 percent at C$30.88 (Recasts and adds analyst and company comments)

By Scott Anderson

TORONTO, Oct 30 (Reuters) - Tim Hortons (THI.TO: Quote, Profile, Research), the iconic Canadian coffee shop chain, warned on Friday that sales in Canada could slow due to the sluggish economy, even as it reported a quarterly profit that narrowly topped estimates.

The company, which has 2,971 stores in Canada and about 550 more in the United States, said it expects 2009 Canadian same-store sales to come in at the low end or slightly below its target of 3 percent to 5 percent growth.

"Everyone had projected by the third quarter that we would probably see some real recovery," Don Schroeder, the company's president and chief executive, said on a conference call with analysts. "There is some in some parts of the country, but at best it is sluggish to date."

The company, however, maintained its 2009 forecast of 6 percent to 8 percent growth in operating income, excluding unusual charges.