BUSINESS

Canadian Tire Profit Up 8% On Higher Sales

02/26/2015 08:02 EST | Updated 04/28/2015 05:59 EDT
Sue Thompson via Flickr
TORONTO - Canadian Tire Corp. Ltd. posted a higher fourth-quarter profit compared with a year ago, helped by higher sales.

The retailer said Thursday it earned $206.6 million or $2.44 per diluted share in its fourth quarter compared with a profit of $191 million or $2.32 per diluted share a year ago.

Revenue totalled $3.65 billion, up from $3.33 billion in the fourth quarter of 2013, which was one week shorter.

Same-store sales were up 2.8 per cent at Canadian Tire and 4.9 per cent at its FGL Sports banners, including a 9.4 per cent gain at Sport Chek.

Its Mark's clothing chain reported same-store sales up 1.2 per cent.

Canadian Tire operates under several banners in addition to its namesake stores including Mark's, PartSource, Sport Chek, Hockey Experts, Sports Experts, National Sports, Intersport, Pro Hockey Life and Atmosphere.

The company also has a financial services division and property holdings through its stake in CT REIT (TSX:CRT).

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