Canadian Tire announces earnings, acquisition

TORONTO — Canadian Tire said its Q1 profits declined from a year ago, coming in at $78 million compared to 87.5 million in the first quarter of 2017. Total revenues for the quarter rose by 3.3% to $2.81 billion, compared to $2.72 billion a year ago. Same-store sales saw an increase of 5.2%. The company also announced it has inked an agreement to buy Norwegian sportswear and workware manufacturer Helly Hansen. The deal, expected to close in Q3, will see Canadian Tire take on Helly Hansen’s $50 million debt, while CEO Paul Stoneham and the Oslo-based management team will remain in place.