Canadian Tire pumps up Q1 profit

Toronto – Canadian Tire Corp. pumped up profit in the first quarter of fiscal 2015, expanding net income 17% to $88.3 million from $75.6 million a year earlier. Improved margins helped inflate net income totals.



Falling petroleum costs helped deflate revenue 2% to $2.51 billion from $2.57 billion, although consolidated same-store sales rose 5.5%. Same-store sales grew at all core retailer banners, including lifts of 4.7% at Canadian Tire, 8.6% at FGL Sports and 5.5% at Mark’s.



Michael Medline, president and CEO of Canadian Tire, did not mention deflation as a concern in his comments, instead focusing on larger matters.



“We once again owned the seasonal business and customers responded well to our assortments, helping drive the Canadian Tire banner to its best comparable store sales result in a decade," said Medline. "The first quarter is always our smallest, but I am pleased to see continued momentum from all of our businesses."