Investing.com - Financial Markets Worldwide
💙 🔷 Not impressed by Big Tech in Q3? Explore these Blue Chip Bargains insteadExplore for free

CORRECTED-UPDATE 1-Canadian Tire's profit misses on slower sales growth

Published 2015-08-13, 10:56 a/m
© Reuters. CORRECTED-UPDATE 1-Canadian Tire's profit misses on slower sales growth
CTCa
-

(Corrects to "retail sales" from "same-store sales" in
paragraph 6)
Aug 13 (Reuters) - Retailer Canadian Tire Corp CTCa.TO
reported a lower-than-expected quarterly profit as sales growth
slowed in its sports gear and apparel wear stores and as
expenses rose.
The company's selling and administrative expenses rose 5.1
percent to C$782.3 million ($600.9 million) during the second
quarter ended July 4. ID:nCNWJWrhFa
Toronto-based Canadian Tire said the increase in expenses
was mainly due to labor costs and expenses related to the
company's digital strategy.
The company has been investing heavily in technology to
attract customers to its brick-and-mortar stores.
At FGL Sports, which sells sports-related products,
same-store sales rose 4.8 percent, compared with a rise of 8.2
percent a year earlier.
Retail sales at Mark's, which sells casual and work clothing
and footwear, rose 2.4 percent, compared with a 2.6 percent rise
a year earlier.
Adjusted net income attributable to the company fell 8
percent to C$166 million ($127.6 million), or C$2.15 per share,
below analysts' average estimate of C$2.2 per share, according
to Thomson Reuters I/B/E/S.
Retail sales rose 3.8 percent to C$3.86 billion. Retail
sales increased 4.8 percent a year earlier.
Up to Wednesday's close, Canadian Tire shares had risen more
than 6 percent this year.
($1 = C$1.3)


Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.