Canadian Tire Q4 profit dips on one-time charge, tops expectations

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TORONTO — Canadian Tire Corp. Ltd. reported a dip in its fourth-quarter profit compared with a year ago, as it took a one-time charge related to its financial services deal with Scotiabank.

The retailer says it earned a profit attributable to shareholders of $254.3 million or $3.99 per diluted share for the 13-week period ended Dec. 29, compared to a profit of $275.7 million or $4.10 per diluted share a year earlier.

Revenue totalled $4.13 billion, up from $3.92 billion.

Canadian Tire says its normalized earnings for the quarter, which exclude the $50-million financial services charge, amounted to $4.78 per diluted share, up from $4.10 per diluted share a year ago.

Analysts on average had expected a profit of $4.69 per share, according to Thomson Reuters Eikon.

The company also announced that Dean McCann, its chief financial officer, will retire at the end of the year.

 

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