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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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Delayed Quote. Delayed Toronto Stock Exchange - 09/28 04:30:20 pm
137.61 CAD   +2.43%
09/23TSX falls 2.02% to 15,817.11
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Canadian Tire : reports Q1 loss compared with a profit a year ago, sales dip

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05/07/2020 | 07:04am EDT

TORONTOCanadian Tire Corp. Ltd. reported a loss in its latest quarter as sales fell due to the steps taken to slow the spread of COVID-19, including the temporary closure of its SportChek and Mark's stores.

The retailer's loss attributable to shareholders totalled $13.3 million or 22 cents per diluted share for the quarter ended March 28. That compared with a profit attributable to shareholders of $69.7 million or $1.12 per diluted share a year ago.

Performance fell as did revenue at three of the company's banners: SportChek, Mark's and Helly Hansen.

Retail sales for the quarter were nearly $2.76 billion, down from $2.83 billion in the same quarter a year earlier.

Retail segment revenue fell 2.4 per cent, the company said, and 1.8 per cent excluding petroleum.

Retail sales at Canadian Tire fell 2.2 per cent, SportChek 13.1 per cent and Mark's 15.3 per cent. Comparable sales, a key retail metric, rose 0.7 per cent at Canadian Tire, but fell 1.8 per cent and 4.5 per cent at SportChek and Mark's, respectively.

On a normalized basis, Canadian Tire said it lost 13 cents per share for the quarter compared with a normalized profit of $1.12 per share in the first quarter of 2019.

Canadian Tire has "seen a quantum leap in our e-commerce performance" across its banners, said chief executive Greg Hicks, and noted the company has accelerated planned investments into digital capabilities.

E-commerce sales grew 44 per cent in the quarter, the company said, led by nearly 80 per cent growth at Canadian Tire for which the company implemented curbside pick up at all its stores across Canada.

Analysts on average had expected a loss of 11 cents per share and $2.79 billion in revenue, according to financial markets data firm Refinitiv.

"Disclosure around (the coronavirus) disruptions were less severe than we had modeled in both financial services and retail as well," wrote Irene Nattel, an analyst with RBC Dominion Securities, in a note.

Hicks said he is "very encouraged by early results in the second quarter, and I am confident that we will continue to successfully operate in this new normal and excel over the long-term."

This report by The Canadian Press was first published May 7, 2020.

Companies in this story: (TSX:CTC)

© 2020 The Canadian Press. All rights reserved., source Canadian Press DataFile

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All news about CANADIAN TIRE CORPORATION, LIMITED
09/23TSX falls 2.02% to 15,817.11
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Financials
Sales 2020 14 315 M 10 695 M 10 695 M
Net income 2020 483 M 361 M 361 M
Net Debt 2020 6 164 M 4 605 M 4 605 M
P/E ratio 2020 19,7x
Yield 2020 3,31%
Capitalization 8 627 M 6 447 M 6 446 M
EV / Sales 2020 1,03x
EV / Sales 2021 1,03x
Nbr of Employees 22 439
Free-Float 94,1%
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Technical analysis trends CANADIAN TIRE CORPORATION, LIMITED
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TrendsNeutralBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 11
Average target price 132,91 CAD
Last Close Price 137,61 CAD
Spread / Highest target 22,1%
Spread / Average Target -3,42%
Spread / Lowest Target -28,8%
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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