Canadian Tire profits fall, beat estimates

TORONTO — Canadian Tire Corp. reported a decline of 11.7% in Q3 profits, hit by lower gas prices, but came out ahead of expectations on the strength of sporting and apparel sales. Overall profits were $176.4 million, or $2.44 per share. Excluding Petroleum, consolidated revenue increased $48.1 million or 1.8% in the quarter and was up 3.5% year to date. Canadian Tire Retail saw retail sales increase 4.9% and same store sales up 3.5% in the quarter. In total, retail sales were up 3.4% at $3.52 billion. Revenue for the FGL Sports banner increased by 2.8% to $606.1 million from a year ago, while sales at Mark’s rose by 3.3% to $238.1 million.