Canadian Tire posts Q1 declines

Canadian Tire Corp. reported a drop in profits and sales during its first quarter, which saw a fire hit a Greater Toronto distribution centre. Net income for the quarter fell to $7.8 million, or 13 cents per diluted share, from $182.1 million ($3.03) a year earlier. Revenues of $3.71 billion were down from $3.84 billion. Comp sales declined by 4.8 percent at Canadian Tire stores but grew 4.8 percent at the Mark’s banner and 3.7 percent at SportChek.