‘Exceptional’ year reported by Canadian Tire Corp.

Revenue of $14.1 billion up by 5.9% from the previous year

Canadian Tire Corp. announced on Thursday that it had an “exceptional” year in 2018 as it reported its fourth-quarter and full-year financial results.

It said fourth-quarter consolidated revenue of $4.1 billion was up 5.5 per cent from a year ago and up 6.5 per cent excluding its petroleum sector; 2018 annual revenue of $14.1 billion rose by 5.9 per cent and was up 5.1 per cent excluding petroleum.

Consolidated comparable sales were up 0.8 per cent in the fourth quarter and 2.2 per cent for the full year. That included:

  • Canadian Tire up 0.2 per cent in the fourth quarter and 2.1 per cent for the full year;
  • SportChek up 2.5 per cent in the fourth quarter and 2.0 per cent for the full year;
  • Mark’s up 1.8 per cent in the fourth quarter and 2.8 per cent for the full year.

“We maintained our leading brand position in Canadian retail, while investing for our future,” said Stephen Wetmore, president and CEO of Canadian Tire Corp., in a news release.

canadian tire“We succeeded in advancing our One Company strategy by creating Canada’s fastest growing credit card and loyalty offering with Triangle Rewards. Adding Helly Hansen to our family has strengthened our owned brands offering while providing a platform for international expansion. At CTR, our largest retail banner, ecommerce offerings, including click and collect and home delivery, are receiving exceptional customer satisfaction scores and the strength of our operations allowed us to increase our dividend for the ninth consecutive year.”

Consolidated retail sales increased $38.4 million in the fourth quarter, or 0.8 per cent over the same period in 2017. Consolidated revenue increased $216.2 million, or 5.5 per cent in the fourth quarter.

For the full year, consolidated retail sales increased $514.0 million or 3.4 per cent over the prior year, while consolidated revenue increased $782.0 million for the full year or 5.9 per cent over the prior year.

Canadian Tire Corp. Ltd, is a family of businesses that includes a retail segment, a financial services division and CT REIT. The retail business is led by Canadian Tire, which was founded in 1922. The retail segment also includes Mark’s, Pro Hockey Life, SportChek, Hockey Experts, Sports Experts, National Sports, Intersport and Atmosphere. There are 1,700 retail and gasoline outlets.

– Mario Toneguzzi for Calgary’s Business

canadian tire

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