TORONTO, Feb. 13, 2020 /CNW/ – Canadian Tire Corporation, Limited (TSX:CTC, TSX:CTC.A) today released fourth quarter and full year results for the period ended December 28, 2019.
“We had an exceptionally strong Q4 that capped off a solid last half of 2019. Through our Triangle Rewards program, customers are engaging with us more frequently, both in our stores and digitally, driving our topline growth as well as making us one of Canada’s largest eCommerce players,” said Stephen Wetmore, President and CEO, Canadian Tire Corporation. “I have to commend the Canadian Tire Retail team who posted exceptional comparable store growth of 4.8% in the quarter. Our ability to deliver remarkably consistent growth at CTR is due to our strong partnership with our Associate Dealers and their knowledge of our customers’ expectations in virtually every community in Canada.”
“I am very confident our One Company, One Customer strategy, underpinned by our current suite of assets and growing momentum towards our $200 million Operational Efficiency target, is creating the change at CTC that positions us to compete and create long-term sustainable growth,” continued Wetmore.
RETAIL SEGMENT OVERVIEW
- Financial results reflect Q4 2019 performance compared to Q4 2018.
- Retail segment revenue increased $172.3 million, or 4.5%. Excluding Petroleum, Retail segment revenue increased 5.1%.
- Canadian Tire Retail saw retail sales increase 6.6% and comparable sales were up 4.8%.
- SportChek retail sales were up 1.3% and comparable sales were up 2.0%.
- Mark’s retail sales increased 1.5% and comparable sales were up 1.8%.
- Helly Hansen revenue in the quarter was $199.7 million, up 20.4%.
- Income before income taxes increased $22.8 million, or 6.9%. Normalized income before income taxes increased $31.7 million or 9.6%.
- Financial results reflect 2019 performance compared to 2018.
- Retail segment revenue increased $396.3 million, or 3.1%. Excluding Petroleum, Retail segment revenue was up 4.8%.
- Canadian Tire Retail sales increased 4.5% and comparable sales increased 3.8%.
- SportChek’s retail sales increased 2.6% and comparable sales increased 3.3%.
- Mark’s retail sales increased 2.4% and comparable sales were up 2.5%.
- Helly Hansen revenue for 2019 was $650.8 million.
- Income before income taxes decreased $20.6 million or 3.1%. Normalized income before income taxes decreased by $13.0 million or 1.9%.