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Canadian Tire reports Q2 profit up, revenue dips
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TORONTO — Canadian Tire Corp. Ltd. reported its second-quarter profit rose compared with a year ago as its revenue edged lower.
The retailer says it earned a profit attributable to shareholders of $198.8 million or $3.56 per diluted share for the quarter ended June 29, up from $99.4 million or $1.76 per diluted share a year earlier.
Revenue for the quarter totalled $4.13 billion, down from $4.26 billion in the same quarter last year.
On a normalized basis, Canadian Tire says it earned $3.56 per share in its latest quarter compared with a normalized profit of $3.08 a year ago.
The company says consolidated comparable sales were down 4.6 per cent, as shoppers continued to prioritize essential spending.
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Comparable sales at its Canadian Tire banner fell 5.6 per cent compared with a year ago, while SportChek stores saw comparable sales edge down 0.9 per cent. Mark’s comparable sales fell 0.8 per cent.
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