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UPDATE 1-Retailer Canadian Tire's profit beats estimates

Published 2018-02-15, 07:06 a/m
UPDATE 1-Retailer Canadian Tire's profit beats estimates
CTCa
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Feb 15 (Reuters) - Retailer Canadian Tire Corp Ltd CTCa.TO reported a better-than-expected quarterly profit on Thursday as an early winter in some parts of the country drove demand for winter tires, batteries and apparel.

Same-store sales at FGL Sports, which the company touts as its destination banner for millennials, rose 5.8 percent in the quarter.

The retailer, which sells a diverse range of products like Master Chef Kitchen appliances to automotive parts and apparel, said consolidated same-store sales rose 3.9 percent in the fourth quarter.

Net income attributable to the retailer rose about 12 percent to C$275.7 million ($220.68 million), or C$4.10 per share in the quarter.

For the latest quarter, analysts' were expecting a profit of C$3.80 per share, according to Thomson Reuters I/B/E/S.

The Toronto-based company's revenue rose 8.9 percent to C$3.96 billion. ($1 = C$1.25)

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