Canadian Tire reports Q1 profit up from year ago, revenue down

TORONTO — Canadian Tire Corp. Ltd. reported its first-quarter profit rose compared with a year ago as its revenue fell about five per cent.

The retailer says its net income attributable to shareholders totalled $76.8 million or $1.38 per diluted share for the quarter ended March 30.

The result was up from a profit of $7.8 million or 13 cents per diluted share in the same quarter last year when it was hit by costs related to a distribution centre fire.

Canadian Tire says its normalized profit amounted to $1.38 per diluted share in its latest quarter, up from a normalized profit of $1.00 per diluted share in the same quarter last year.

Revenue for the quarter totalled $3.52 billion, down from $3.71 billion in the same period last year.

Consolidated comparable sales fell 1.6 per cent.

This report by The Canadian Press was first published May 9, 2024.

Companies in this story: (TSX:CTC.A)

The Canadian Press