Canadian Tire sees profit climb 28 per cent

Linda Nguyen, The Canadian Press</span>
Published Thursday, May 11, 2017 10:30AM EDT

TORONTO -- Canadian Tire reported Thursday that its profit jumped 26 per cent in its latest quarter.

The national retailer, most known for selling sporting and automotive goods, says it earned $107.9 million, or $1.24 per share, for the 13-week period ended April 1. That compares with $85.6 million, or 90 cents per share, for the same period a year earlier.

Its revenue climbed 7.6 per cent to $2.75 billion.

The Toronto-based company (TSX:CTC.A) said the improvement came despite warmer weather in January and February that hurt sales in outerwear, accessories and boots and a cold start to spring that took a bite out of sales in bicycles, running shoes and casual clothing.

Overall, sales at Canadian Tire locations grew two per cent, but same-store sales, a key metric measuring transactions at stores open for at least a year, were flat at 0.5 per cent.

FGL Sports, which includes the Sport Chek banner, saw a decline of 1.4 per cent in sales and a 2.7 per cent drop in same-store sales.

Retail sales at its Mark's stores increased by 5.7 per cent and same-store sales climbed 5.4 per cent.

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