Bank charges bite into Canadian Tire earnings

TORONTO — Canadian Tire reported profits of $254.3 million or $3.99 per diluted share for the fourth quarter, compared to a profit of $275.7 million or $4.10 per diluted share a year earlier. The decrease was attributed to a one-time $50 million charge related to its financial services agreement with Scotiabank: excluding that, the company said earnings totalled $4.78 per diluted share. Analysts polled by Thomson Reuters Eikon forecast on average a profit of $4.69. Total revenues for the quarter rose to $4.13 billion from $3.92 billion in 2017. At the same time, the company announced the upcoming retirement of CFO Dean McCann, which will take effect at the end of this year.