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Canadian Tire Corporation Delivers Strong Q2 Results
Canadian Tire Corporation Delivers Strong Q2 Results Canadian Tire Corporation Del...
About this update from Canadian Tire Corporation, Limited
[{"type":"text","content":"\n\n\n\nCanadian Tire Corporation Delivers Strong Q2 Results\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nCanadian Tire Corporation Delivers Strong Q2 Results\nCanada NewsWire\nTORONTO, Aug. 4, 2016\n\n\n\n\nSame store sales up in all core retail banners:\n\n2.9% at Canadian Tire Retail \n7.2% at Sport Chek \n4.6% at Mark's\nSecond quarter diluted earnings per share was $2.46, up 14.5% \nRetail EBITDA increased by 11.2%\n\n\nTORONTO, Aug. 4, 2016 /CNW/ - Canadian Tire Corporation, Limited (TSX:CTC, TSX:CTC.A) today released second quarter results for the period ended July 2, 2016.\n\n\"I am pleased to see strong second quarter results across all retail banners and our teams continue to execute well as we head into the second half of the year,\" said Stephen Wetmore, President and CEO, Canadian Tire Corporation. \"Building on the Company's current initiatives, the collective strength of our brands, coupled with our leadership in and commitment to product innovation today, and for tomorrow, represent an incredible opportunity for growth,\" continued Wetmore.\n\nCONSOLIDATED OVERVIEW\n\n\nConsolidated retail sales increased $121.1 million, or 3.1% in the second quarter including a 5.3% decline in Petroleum retail sales due to lower gas prices. Excluding Petroleum, consolidated retail sales were up 4.5% over the same period last year. \nExcluding Petroleum, consolidated revenue increased $126.0 million, or 4.5% in the quarter, primarily due to higher shipments at Canadian Tire and increased sales at FGL Sports and Mark's. Consolidated revenue increased 2.9% over the same period last year. \nDiluted EPS was $2.46 in the quarter, an increase of $0.31 per share, or 14.5%, over the second quarter of 2015.\n\nRETAIL OVERVIEW\n\n\nRetail segment revenue increased 4.8% excluding Petroleum in the quarter. Retail segment revenue increased 3.0% in Q2 compared to last year. \nRetail gross margin rate, excluding Petroleum, increased 55 basis points. \nIncome before income taxes in the Retail segment was $173.1 million, up $20.3 million, or 13.3% in the second quarter of 2016, over 20...