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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 -0.02% 123.49 Delayed Quote.-11.64%
PARTY CITY HOLDCO INC. 12.20% 1.84 Delayed Quote.-21.37%
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Financials
Sales 2020 13 862 M 10 354 M 10 354 M
Net income 2020 456 M 340 M 340 M
Net Debt 2020 6 836 M 5 106 M 5 106 M
P/E ratio 2020 17,0x
Yield 2020 3,69%
Capitalization 7 802 M 5 820 M 5 828 M
EV / Sales 2020 1,06x
EV / Sales 2021 1,16x
Nbr of Employees 22 439
Free-Float 94,1%
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Technical analysis trends CANADIAN TIRE CORPORATION,
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TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 11
Average target price 129,91 CAD
Last Close Price 123,49 CAD
Spread / Highest target 36,0%
Spread / Average Target 5,20%
Spread / Lowest Target -20,6%
EPS Revisions
Managers
NameTitle
Greg Hicks President, Chief Executive Officer & Director
Maureen Joanne Sabia Non-Executive Chairman
Gregory Craig Chief Financial Officer & Executive Vice President
Rex William Lee Chief Information Officer & Senior Vice President
Owen G. Billes Non-Independent Director
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