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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Canadian Tire Corporation Limited    CTC.A   CA1366812024

CANADIAN TIRE CORPORATION LIMITED

(CTC.A)
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Canadian Tire : buying 65-store Party City business for $174.4 million cash

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08/08/2019 | 08:06am EDT

TORONTOCanadian Tire Corp. is diversifying with the purchase of 65 Party City stores across Canada for $174.4 million cash.

The Toronto-based company says it plans to add stand-alone stores and also make Party City's products available across 500 Canadian tire retail stores and online at Canadiantire.ca.

Party City Holdco Inc. says it will use proceeds from the sale to pay down debt. It will also have a long-term wholesale supply agreement with Canadian Tire through Amscan Inc., beginning with an initial term of 10 years.

The deal came as Canadian Tire announced second-quarter results, which included a 14 per cent increase in net income attributable to shareholders.

The $177.4-million profit was up from $156.0 million a year earlier, while earnings per diluted share increased 20.5 per cent to $2.87 from $2.38 in last year's second quarter when more shares were outstanding.

Revenue increased 5.9 per cent from last year to $3.67 billion from $3.48 billion, mostly from retailing through multiple banners including Canadian Tire, SportChek, Mark's and Helly Hansen.

Analysts had estimated $3.72 billion of revenue and $187.3 million or $3.01 per share of adjusted earnings, according to financial markets data firm Refinitiv.

Companies in this story: (TSX:CTC.A, TSX:CTC)

© 2019 The Canadian Press. All rights reserved., source Canadian Press DataFile

Stocks mentioned in the article
ChangeLast1st jan.
CANADIAN TIRE CORPORATION LIMITED -0.66% 141.7 Delayed Quote.-0.07%
PARTY CITY HOLDCO INC -0.52% 5.71 Delayed Quote.-42.79%
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Financials (CAD)
Sales 2019 14 719 M
EBIT 2019 1 456 M
Net income 2019 833 M
Debt 2019 5 049 M
Yield 2019 2,96%
P/E ratio 2019 11,1x
P/E ratio 2020 9,87x
EV / Sales2019 0,95x
EV / Sales2020 0,93x
Capitalization 8 974 M
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Technical analysis trends CANADIAN TIRE CORPORATION
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Mean consensus OUTPERFORM
Number of Analysts 11
Average target price 165,73  CAD
Last Close Price 141,70  CAD
Spread / Highest target 34,1%
Spread / Average Target 17,0%
Spread / Lowest Target -3,32%
EPS Revisions
Managers
NameTitle
Stephen G. Wetmore President, Chief Executive Officer & Director
Maureen Joanne Sabia Non-Executive Chairman
Dean C. McCann Chief Financial Officer & Executive Vice President
Owen G. Billes Non-Independent Director
Timothy Robert Price Independent Director
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