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Canadian Tire Corporation Reports Strong First Quarter Results
Canadian Tire Corporation Reports Strong First Quarter Results Canada NewsWire T...
About this update from Canadian Tire Corporation, Limited
[{"type":"text","content":"\n\n\n\nCanadian Tire Corporation Reports Strong 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 11, 2017\n\n\n\nResults from our first quarter:\n\n\nDiluted earnings per share (EPS) was $1.24, up 37.8%\nFinancial Services GAAR growth up 5.8%\nRetail revenue increased 8.5%, or 6.8% excluding Petroleum\nSame store sales:\n\nCanadian Tire up 0.5%\nMark's up 5.4%\nFGL Sports down 2.7% (down 4.3% at Sport Chek)\n\n\n\nTORONTO, May 11, 2017 /CNW/ - Canadian Tire Corporation, Limited (TSX:CTC, TSX:CTC.A) today released first quarter results for the period ended April 1, 2017.\n\n\"We have delivered strong earnings performance in both our Financial Services and Retail segment, and in particular we saw strong revenue growth at CTR. The organization is focused on the right initiatives for 2017 and we have good momentum leading into our primary selling seasons,\" said Stephen Wetmore, President and CEO, Canadian Tire Corporation. \n\n CONSOLIDATED OVERVIEW\n\n\nConsolidated retail sales increased $95.0 million or 3.8% in the first quarter. Excluding Petroleum, consolidated retail sales were up 1.4% over the same period last year.\nConsolidated revenue increased $194.1 million, or 7.6%, which includes a $62.4 million increase in Petroleum revenue resulting from higher per litre gas prices. Excluding Petroleum, consolidated revenue increased $131.7 million, or 6.0% in the quarter.\nDiluted EPS was $1.24 in the quarter, an increase of $0.34 per share, or 37.8%, over the first quarter of 2016.\n\nRETAIL OVERVIEW\n\n\nRetail segment revenue increased 8.5% in the first quarter compared to last year. Excluding Petroleum, retail segment revenue increased 6.8% in Q1.\nRetail margin rate excluding Petroleum was relatively flat to the prior year, down 7 bps.\nIncome before income taxes increased $23.8 million, or 115.3% over the first quarter of 2016.\nCanadian Tire Retail saw retail sales increase 2.0% and same store sales were up 0.5% compared to the prior year.\nFGL Sports' retail sales were down 1.4% and same store sales were dow...