TORONTO — Canadian Tire posted solid earnings growth in the fourth quarter as the retailer made major sales gains in all of its divisions.
Earnings rose 10 per cent to $246.8 million in the period ended Dec. 31, or $3.46 per share, compared with $225.2 million, ($3.01), in the same period last year.
The seller of automotive accessories and housewares saw revenue climb 7.7 per cent to $3.64 billion, up from $3.38 billion last year.
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“I am very pleased with our results as they demonstrate the strength of our company and our unique ability to provide our customers with the products for life in Canada,” said chief executive Stephen Wetmore. “That strength, coupled with our expertise, and the power of our brand provides the foundation for our future growth.”
Same-store sales, a key measure of retail performance tallying volume at locations open for more than a year, rose 8.1 per cent at its Canadian Tire retail stores compared with the same quarter of 2015. At its FGL Sports division, same-store sales rose 5.1 per cent, and were up 10.8 per cent at Mark’s.
For the full year, Canadian Tire’s revenue rose to $12.7 billion in 2016 from $12.3 billion in 2015.
Financial Post
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