Canadian Tire fourth-quarter profit beats expectations
Canadian Tire Corp. saw its profit grow beyond analyst expectations in its most recent quarter, though its revenue missed the mark.
The Toronto-based retailer reported profit attributable to shareholders of $334.1 million or $5.42 diluted earnings per share for the quarter ended Dec. 28.
That’s compared with $254.3 million or $3.99 for the same quarter the previous year.
The company’s revenue jumped 4.5 per cent to $4.3 billion for the quarter.
Analysts had expected revenue of $4.4 billion and profit of $329.6, according to financial markets data firm Refinitiv.
CEO Stephen Wetmore says in a statement that the strong quarter capped off a solid last half of the 2019 financial year as consumers engage with the company more frequently through its Triangle rewards program.