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​Canadian Tire profit sinks, misses estimates, as finance unit drags - BNN Bloomberg

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Canadian Tire Corp.'s profit tumbled in the second quarter, but it wasn't for all the same reasons that battered Walmart Inc. and other major U.S. retailers recently.

For Canadian Tire, it was the company's lower-profile financial service division that weighed down the bottom line.Net income in the retailer's fiscal second quarter, which ended July 30, sank 31.5 per cent year-over-year to $177.6 million, the company said Thursday. That was attributed in part a $36.5-million charge tied to halting Helly Hansen's business operations in Russia during the period.Excluding that charge and other one-time costs, Canadian Tire said it earned $3.

However, in its management discussion and analysis, the company said its credit card portfolio"continues to perform well despite ongoing economic uncertainty."It was a mixed picture across Canadian Tire's portfolio of retail brands. The Mark's business stood out as same-store sales surged 20.9 per cent in the quarter. SportChek's sales at stores that were open for at least a year rose 4.1 per cent, while the namesake Canadian Tire banner saw its comparable sales rise 3.

 

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