Canadian Tire reported same-store sales at FGL Sports, which includes Sport Chek, rose 2.6 percent in the second quarter.
Companywide, consolidated retail sales in the quarter ended July 2 increased $119.8 million, or 3 percent, in the second quarter. Excluding Petroleum, consolidated retail sales were up 2.5 percent over the same period last year. All figures are in Canadian dollars.
Consolidated revenue increased $61.3 million, or 1.8 percent, which includes a $27.3 million increase in Petroleum revenue resulting from higher per-liter gas prices. Excluding Petroleum, consolidated revenue increased $34 million, or 1.2 percent, in the quarter.
Diluted EPS was $2.81 in the quarter, an increase of 35 cents per share, or 14.1 percent, over the second quarter of 2016.
- Retail segment revenue increased $48 million, or 1.6 percent, in the second quarter compared to last year. Excluding Petroleum, retail segment revenue increased 0.8 percent in the quarter.
- Retail margin rate excluding Petroleum increased 83 bps.
- Income before income taxes increased $10.5 million, or 6.1 percent, over the second quarter of 2016.
- Canadian Tire Retail saw retail sales increase 2.2 percent and same store sales were up 1.4 percent compared to the prior year.
- FGL Sports’ retail sales were up 3.7 percent and same store sales were up 2.6 percent in the second quarter of 2017. Same store sales at Sport Chek were up 1.1 percent.
- Mark’s retail sales grew 4.7 percent and same store sales increased 4 percent compared to the same period last year.
“We delivered exceptional EPS growth exceeding 14 percent in Q2 for the second consecutive year,” said Stephen Wetmore, president and CEO of Canadian Tire Corporation. “I am very pleased with our topline results, given the challenges posed by the slow start to the spring and summer season.”
“We experienced strong sales growth in June, controlled our expenses during the quarter and had strong margin performance, which is the momentum we like to see as we go into the second half of the year,” continued Wetmore.
Photo courtesy Sport Chek