Canadian Tire profit falls 20% as it ramps up investment in stores and online
Retailer Canadian Tire Corp Ltd reported a 20 per cent fall in quarterly profit on Thursday, as the company ramped up investments in its stores and online business.
Toronto-based Canadian Tire has been spending more to woo customers who are increasingly shopping at Amazon.com Inc and Walmart, which offer options such as doorstep delivery.
The retailerвЂ™s expenses rose about 5 per cent to $831.2 million in the second quarter ended June 30.
Total comparable same store sales, excluding petroleum, rose 1.6 per cent.
Net income attributable to shareholders fell to $156 million, or $2.38 per share, in the three months ended June 30, from $195.2 million, or $2.81 per share, a year earlier.
Revenue rose to $3.48 billion from $3.37 billion.
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