Business
Canadian Tire Corporation Delivers Strong Topline Growth Across all Businesses in the First Quarter
Canadian Tire Corporation Delivers Strong Topline Growth Across all Businesses in the Firs...
About this update from Canadian Tire Corporation, Limited
[{"type":"text","content":"\n\n\n\nCanadian Tire Corporation Delivers Strong Topline Growth Across all Businesses in the First Quarter\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\n\nCanada NewsWire\nTORONTO, May 9, 2019\n\n\n\nStrong consolidated comparable sales, up 6.1% in the first quarter: Canadian Tire up 7.1%, marking 20th consecutive quarter of growth Mark's up 4.9%; SportChek up 3.4% Continued strong Financial Services GAAR growth of 9.3%; revenue up 7.8%; and over two million active credit card accounts Financial Services IBT was $112.4 million, up 15.8% Diluted earnings per share (EPS) was $1.12, down 4.8% TORONTO, May 9, 2019 /CNW/ - Canadian Tire Corporation, Limited (TSX:CTC, TSX:CTC.A) today released first quarter results for the period ended March 30, 2019.\n\"Ending our winter season with exceptional sales performance positions us well as we enter our second largest quarter of the year,\" said Stephen Wetmore, President and CEO, Canadian Tire Corporation. \"Our first quarter earnings are always focused on Financial Services, which delivered strong growth in IBT of 15.8%.\"\nCONSOLIDATED OVERVIEW\nConsolidated retail sales increased $91.2 million or 3.3% in the first quarter. Excluding Petroleum, consolidated retail sales were up 6.3% over the same period last year. Consolidated revenue increased $79.5 million, or 2.8%. Excluding Petroleum, consolidated revenue increased $128 million, or 5.4% in the quarter. Diluted EPS was $1.12 in the quarter, a decrease of $0.06 per share, or 4.8%. RETAIL OVERVIEW\nThe following financial results reflect Q1 2019 performance compared to Q1 2018. Retail segment revenue increased 2.3%. Excluding Petroleum, retail segment revenue increased 5.2%. Canadian Tire saw retail sales increase 7.4% and comparable sales were up 7.1%. SportChek's retail sales increased 2.8% and comparable sales increased 3.4%. Mark's retail sales grew 5.5% and comparable sales increased 4.9%. Helly Hansen revenue in the quarter was $140.8 million. Income before income taxes decreased $36.5 million. CT REIT OVERVIEW\nAs disclosed in the Q1 2019 CT REIT earnings release o...