Canadian Tire reports healthy second-quarter, acquires Party City

TORONTO — Canadian Tire Corp. has released its second-quarter results for the period ended June 29. Consolidated retail sales increased $53.6 million or 1.3% in the period. Excluding Petroleum, consolidated retail sales were up 2.3% over the same time last year. Consolidated revenue grew by 5.9%. Excluding Petroleum, it was up by 7.9% in the quarter. For the Retail segment, revenue increased 5.7%. Excluding Petroleum, retail segment revenue increased 7.8%. Retail sales by Canadian Tire stores increased by 2.1% and comparable sales were up 1.9% in the second quarter.

CTC has also signed a deal to purchase a party supply company. It’s buying Party City’s Canadian business for $174.4 million. Party City has 65 stores in seven provinces. CTC says it wants to become “Canada’s number-one party supply destination”.