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The Globe and Mail

Canadian Tire profit dips, revenue edges higher

A Canadian Tire store is shown in Levis, Que., Monday, May 9, 2011

Jacques Boissinot/THE CANADIAN PRESS

Canadian Tire Corp. Ltd. has reported a small increase in fourth-quarter revenue, but an almost 2-per-cent drop in net profit in the final three months of the year.

The Toronto-based retailer of general merchandise, clothing and sporting goods as well as financial services and automotive products and services, says net income in the three months ended Dec. 29 was $163.1-million or $2 per diluted share.

That was down 1.9 per cent from $166.3-million or $2.03 per diluted share in the same 2011 period.

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Revenue rose 1 per cent to $3.16-billion from $3.12-billion, while overall retail sales at corporate and franchises locations was up 1.4 per cent to $3.78-billion from just under $3.73-billion in the year-earlier period.

For the full year the company, whose retail banners include Mark's and a number of names operated through FGL Sports such as Sport Chek and Atmosphere, said net earnings were $$499.2-million or $6.10 per diluted share.

That was up 6.9 per cent from net earnings of $467-million or $5.71 per diluted share in the year-earlier period.

Annual revenue rose 10 per cent to $11.42-billion from $10.38-billion as the company reported the full-year impact of FGL results, compared with just 19 weeks in 2011.

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