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Canadian Tire Corporation Reports Continued Momentum in First Quarter Results
Canadian Tire Corporation Reports Continued Momentum in First Quarter Results Cana...
About this update from Canadian Tire Corporation, Limited
[{"type":"text","content":"\n\n\n\nCanadian Tire Corporation Reports Continued Momentum in First Quarter 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\n\nCanada NewsWire\nTORONTO, May 10, 2018\n\n\n\n\nConsolidated same store sales up 5.2% in the first quarter:\n\nCanadian Tire up 5.8%; Mark's up 3.4%; FGL up 3.9% \nFinancial Services GAAR growth up 9.4%, revenue up 8.6%\nRetail gross margin rate, excluding Petroleum, increased 74 bps\nFinancial services segment contributed $97.1 million and 73.7% of consolidated IBT\nDiluted earnings per share (EPS) was $1.18, down 5.3%, including a one-time accelerated depreciation expense of $0.19 per share in the quarter\n\n\n\nTORONTO, May 10, 2018 /CNW/ - Canadian Tire Corporation, Limited (TSX:CTC, TSX:CTC.A) today released first quarter results for the period ended March 31, 2018.\n\n\"I am pleased with the continued momentum in the topline and margin performance of our retail businesses. The first quarter is traditionally our smallest and we delivered results on plan as we invest in key initiatives for long-term growth,\" said Stephen Wetmore, President and CEO, Canadian Tire Corporation. \"For more than a year, we have been aligning our banners, assets and capabilities to operate as One Company to serve the needs of a common customer and prepare them for the Jobs and Joys of Life in Canada. Last month, through exceptional collaboration, we successfully launched Triangle Rewards™, the evolution of our loyalty and credit card program. This exciting new program is an important step in uniting our banners and rewarding our customers for shopping across our family of companies, now and in the future.\"\n\n\"Finally, as a proud Canadian company, we were delighted to support our Paralympic and Olympic athletes as they competed in the PyeongChang 2018 Olympic Winter Games,\" Wetmore added. \n\nCTC announced today that it has entered into an agreement to purchase the company, controlled by the Ontario Teachers' Pension Plan, which owns and operates the Helly Hansen brands and related businesses.\n\nCONSOLIDATED OVERVIEW\n\n\nConsolidated reta...