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 Inc and Walmart, which offer options such as doorstep delivery.

The retailer’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.

В© Thomson Reuters 2018

+ 0 -
The latest news and information from the world of finance