Canadian Tire reports first-quarter profit, sales climb from year ago

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TORONTO — Canadian Tire Corp. Ltd. reported a first-quarter profit compared with a loss a year ago as its revenue climbed more than 10 per cent.

The retailer says its profit attributable to shareholders totalled $151.8 million or $2.47 per diluted share for the quarter ended April 3.

The result compared with a loss of $13.3 million or 22 cents per share for the same period a year earlier.

Revenue for the quarter was $3.32 billion, up from $2.85 billion in the first quarter of 2020.

Retail sales at its Canadian Tire banner were up 20.1 per cent, while SportChek sales were up 10 per cent. Retail sales at its Mark’s banner were up 13.7 per cent.

On a normalized basis, Canadian Tire says it earned $2.57 per diluted share for the quarter compared with a loss of 13 cents per share a year ago.

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