CTCa.TO, a Canadian retailer tire corporation, registered a quarterly profit that was far better than anticipated. The profit that the company has generated has been assisted by powerful sales of its automotive products and sports gear.
Same store sales at the Canadian Tire stores grew 2.8 per cent in the fourth quarter that ended on Jan. 3, 2015, as it sold more light truck tires and winter tires for cars, as well as various home-ware products. At FGL Sports that sells a wide array of sports-related products, same store sales grew around 4.9 per cent, which was led by strong sales in its biggest brand, named Sport Chek.
The firm, which also trade in work and casual clothing and footwear under the brand name Mark's, gains more than the half revenue of its retail sales from its Canadian Tire stores. The total revenue of the firm that consists of revenue from financial services, grew around 10 per cent to US$2.94 billion (C$3.65 billion), assisted in parts by an extra week of operations.
Canadian Tire Corp. Ltd. gained US$206.6 million or US$2.44 per diluted share in its fourth quarter when compared to a profit of US$191 million or US$2.32 per diluted share in early 2014, the firm announced it on Thursday. Total revenue collected was US$3.65 billion, up from US$3.33 billion in the fourth quarter of 2013, which happened to be one week shorter.