Canadian Tire reports Q1 profit down from year ago, revenue gains ground

TORONTO - Canadian Tire Corp. reported its first-quarter profit fell compared with a year ago as revenue moved higher.

The retailer says it earned a profit attributable to shareholders of $69.7 million or $1.12 per share for the quarter ended March 30.

That compared with a profit of $78 million or $1.18 per share a year earlier.

Revenue totalled $2.89 billion, up from $2.81 billion in the first quarter of 2018.

The increase in revenue came as retail sales at its Canadian Tire stores increased 7.4 per cent and comparable sales gained 7.1 per cent.

Meanwhile, sales at its SportChek stores gained 2.8 per cent, while comparable sales rose 3.4 per cent. Mark's sales grew 5.5 per cent, while comparable sales at the clothing chain increased 4.9 per cent.