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.

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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