Canadian Tire profits slip in Q1

TORONTO — Canadian Tire Corp. reported that same-store sales rose in each of its principal banners: 4.7% at Canadian Tire, 8.6% at FGL Sports, and 5.5% at Mark’s. Profits nevertheless declined by 3% owing to higher taxes and poorer performance in the company’s financial services business, which however posted record first quarter pre-tax income. “The first quarter is always our smallest,” said CEO Michael Medline, “but I am pleased to see continued momentum from all of our businesses.”