Toronto – Canadian Tire reported strong financial results for the third quarter of fiscal 2013. These include an 11% increase in net income, to $139 million from about $128 million.
In addition, revenue grew to $2.83 billion from $2.7 billion. Consolidated same-store sales grew 3.1% across the Canadian Tire, FGL Sports, and Mark’s banners.
"This has been a particularly strong quarter for our retail businesses,” said CEO Stephen Wetmore. “Performances in our sports and apparel businesses continue to show strength and I'm encouraged by the continued sales momentum in our automotive business.”
Canadian Tire also has appointed Michael Medline as president of Canadian Tire Corporation. Medline’s 13 year career with CTC has included overseeing a revamped strategy for the automotive business, leading the company's corporate services group as chief corporate officer and serving as a director on the board of Canadian Tire Bank. In addition, Medline has led all of the company's acquisitions and integration efforts in the last 11 years, including Mark's, FGL Sports and Pro Hockey Life.