21:17:43 EDT Tue 23 Apr 2024
Enter Symbol
or Name
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CA



Canadian Tire Corp Ltd
Symbol CTC
Shares Issued 3,423,366
Close 2017-08-10 C$ 229.14
Market Cap C$ 784,430,085
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Globe says Canadian Tire profit beats expectations

2017-08-11 07:43 ET - In the News

The Globe and Mail reports in its Friday edition that Canadian Tire posted a strong second quarter profit. The Globe's Marina Strauss writes that quarterly sales at stores open a year or more rose 1.8 per cent in the second quarter. At FGL Sports, its sporting division that includes its flagship Sport Chek chain, sales increased 3.7 per cent in the quarter, which is below the retailer's annual 9-per-cent goal. FGL's same-store sales rose 2.6 per cent and 1.1 per cent at Sport Chek. Canadian Tire said, "In light of the recent sales results at FGL Sports, it is unlikely that their annual sales growth aspiration will be realized in 2017." Canadian Tire has shown resilience in the face of inclement weather although its once fast-growing sporting division is no longer enjoying the gains of the past, with analysts pointing to slowing growth in some athletic categories and tougher on-line competition. Edward Jones analyst Brittany Weissman says FGL is probably feeling the heat of athletic wear categories having peaked. As well, e-commerce competition has intensified, she says, which could also affect FGL's business. Still, FGL generated stronger sales than many observers expected.

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