Canadian Tire shares slide as Q2 profit falls, revenue below analyst estimates

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Canadian Tire Corp.’s second-quarter profit was down in contrast with final yr and and its revenue progress got here in below analyst estimates.

In morning buying and selling on the Toronto Inventory Change, the Class A non-voting shares of Canadian Tire have been down by 7.5 per cent to $168.74.

The Toronto-based retailer and monetary providers firm studies it had $156 million of web earnings attributable to shareholders, or $2.38 per share, down from $195.2 million or $2.81 per share a yr earlier.

Its adjusted web earnings was $170.6 million or $2.61 per share, down from $195.2 million or $2.81 per share.

Analysts had estimated $3.04 of adjusted web earnings and $3.06 of web earnings, in accordance with Thomson Reuters Eikon.

Revenue was additionally below estimates at $3.48 billion for the three months ended June 30, up 3.2 per cent from $3.37 billion in final yr’s second quarter. Analysts had estimated $3.56 billion of revenue.

The corporate — which operates underneath varied retail banners together with Canadian Tire, Mark’s and Sport Chek — says the quarter’s gross sales bought off to a gradual begin in April due to unseasonably chilly climate however picked up in Could and June.

https://www.cbc.ca/news/business/canadian-tire-earnings-1.4779072?cmp=rss

 

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