CTC sales, profits decline in Q2

Canadian Tire Corp. said this week its Q2 net earnings fell by 28.5 percent to $126.9 million, or $1.77 per share, from $177.6 million ($2.45) a year earlier. Profits were hit by $74.6 million in costs associated with a March fire at CTC’s Brampton, Ont., DC., as well as by lower discretionary spending amid continued high inflation.

For the retail segment, excluding petroleum, revenues were down by 0.5 percent to $3.7 billion. Comp sales at the company’s eponymous flagship banner edged up by 0.1 percent, as higher sales in automotive and living categories offset declines in gardening, seasonal, and hardware.