News Column

SYMBOL:TSX:CTC.A, TSX:CRT.UN

February 13, 2014

LINDA NGUYEN



TORONTO - Canadian Tire Corp. (TSX:CTC.A) says strong sales of outdoor tools, recreation and automotive products helped the company boost its profits by 17 per cent in the fourth quarter.

The national retailer's clothing sales also rose as subsidiaries introduced more brands and added Olympic apparel ahead of the 2014 Winter Games, currently being held in Sochi, Russia.

The Toronto-based company _ which has the Canadian Tire, Mark's, and Sport Chek brands, among others _ said it earned net income of $191 million during the three-month period ended Dec. 28, 2013.

That's up from $162.8 million a year earlier and better than expected.

The company's A shares gained about three per cent after the announcement.

Canadian Tire's net income amounted to $2.35 per basic share, an increase from $2 per basic share year-over-year. Analysts had been expecting earnings of $2.23 per share, according to Thomson Reuters.

(The Canadian Press)


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Source: Canadian Press Broadcast Wire (Canada)


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