Canadian Tire posts 10% gain in Q4 profits, sees sales up in all retail banners
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TORONTO — Canadian Tire reported strong earnings for the fourth quarter, as the national retailer saw sales spike across all its divisions.
The Toronto-based company (TSX:CTC.A), which sells everything from automotive parts, to fuel, to housewares, to clothing and sporting goods, says sales at its Canadian Tire stores rose 9.6 per cent in the three month period ending Dec. 31.
Same-store sales at locations open more than a year, an important gauge in retail, was up 8.1 per cent at the Canadian Tire retail division.
Same-store sales at FGL Sports, which includes Sport Chek, was up 5.1 per cent while same-store sales at the Mark's clothing chain was up 10.6 per cent compared with the same quarter in 2015.
Its net income attributable to shareholders climbed 10 per cent to $246.8 million, or $3.46 per diluted share, from $225.2 million, or $3.01 per diluted share, a year earlier. For the full year, net income was $669.1 million in 2016, up from $659.4 million in 2015.
Revenue for the fourth quarter ended Dec. 31 was up 7.7 per cent to $3.64 billion from $3.38 billion a year earlier. Full-year revenue was $12.7 billion in 2016, compared with $12.3 billion in 2015.
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