Canadian Tire reports Q4 profit and sales down compared with year earlier
By The Canadian Press on February 15, 2024.
TORONTO – Canadian Tire Corp. Ltd. reported its fourth-quarter profit and revenue fell compared with a year ago as it said it navigated a challenging economic environment. The retailer says it earned a profit attributable to shareholders of $172.5 million, or $3.09 per diluted share, for the 13-week period ended Dec. 30. The result compared with a profit of $531.9 million, or $9.09 per diluted share, in the same quarter a year earlier. Canadian Tire says its normalized diluted earnings per share for the quarter came to $3.38 compared with $9.34 a year earlier. Revenue totalled $4.44 billion, down from $5.34 billion in its fourth quarter of 2022. The company says consolidated comparable sales were down 6.8 per cent as it saw a softening of consumer demand, compounded by weaker sales due to unseasonable weather across the country in December. This report by The Canadian Press was first published Feb. 15, 2024. Companies in this story: (TSX:CTC.A) 9-8
