Business
Strong Retail Sales and Productivity Gains Drive Canadian Tire Corporation's Second Quarter Results
Same store sales up in all retail banners: 3.2% at Canadian Tire 4.8% at FGL Sports ...
About this update from Canadian Tire Corporation, Limited
[{"type":"text","content":"\n\n\nSame store sales up in all retail banners:\n\n3.2% at Canadian Tire \n4.8% at FGL Sports (8.6% at Sport Chek) \n2.9% at Mark's\nFinancial Services income before taxes up 5.8% \nDiluted EPS was $2.15, up 1.3%, despite an $0.18 reduction due to the Financial Services transaction in 2014\n\n\n\nTORONTO, Aug. 13, 2015 /CNW/ - Canadian Tire Corporation, Limited (TSX:CTC, TSX:CTC.a) today released second quarter results for the period ended July 4, 2015. \n\n\"Our sales performance this quarter demonstrates the strength in our business and our continued momentum. Canadian Tire is operationally stronger than a year ago, but our solid sales and productivity gains are masked by the dramatic fall of the Canadian dollar and impacted by certain one time items that benefitted us in 2014,\" said Michael Medline, President and CEO, Canadian Tire Corporation. \"I'm pleased that our operating performance and productivity initiatives have gained significant traction and are generating tangible results, which will continue to serve us well over the long term.\"  \n\nCONSOLIDATED OVERVIEW\n\n\nExcluding Petroleum, consolidated revenue increased $166.1 million, or 6.3%. Despite lower gas prices, consolidated revenue increased 2.9% or $91.6 million versus the prior year.   \nGross average credit card receivables grew 4.4% over the same period last year. \nDiluted EPS was $2.15, up 1.3%, and reflects an $0.18 reduction due to the Financial Services transaction in 2014.  After normalizing for the premium related to the early redemption of corporate medium term notes in the prior year, diluted EPS would have been down 4.9%. \n\nRETAIL OVERVIEW\n\n\nExcluding Petroleum, Retail segment revenue increased 6.4% over the same period last year primarily due to increased product shipments to Dealers at Canadian Tire and higher retail sales at FGL Sports and Mark's.  Including Petroleum, Retail segment revenue increased 2.6% in the quarter. \nIncome before income taxes in the Retail segment was $152.8 million, up 2.2% over the second quarter last year.  Normalizing for the early redemption of the medium-term notes in the prior year, income before income taxes would have been down 7.2%. \nCanadian Tire Retail saw retail sales increase 7.1%, bolstered by strong sales at the Canadian Tire Showcase store in South Edmonton Commons ...