FGL Sports' retail sales and same store sales were both up 8.6 percent in the fiscal first quarter ended April, 4 as same store sales at its flagship Sport Chek chain grew 8.7 percent, according to financial results released Thursday morning by parent company Canadian Tire Corporation, Limited.
Canadian Tire, which also sells a significant amount of sporting goods at its own eponymously named stores, reported consolidated revenue excluding petroleum sales decreased 3.7 percent in the quarter, primarily due to the decline in gas prices. Excluding Petroleum, Retail segment revenue increased 1 percent over the same period last year.
Canadian Tire Retail saw retail sales increase 4.5 percent and same store sales up 4.7 percent over the same period last year.
Mark's retail sales grew 4.4 percent and same store sales increased 5.5 percent.
Income before income taxes in the Retail segment was $19.7 million, up 18.6 percent over the first quarter last year.
“We had a great start to the year with strong sales across the retail businesses and impressive results at Financial Services,” said Michael Medline, President and CEO, Canadian Tire Corporation. “We once again owned the seasonal business and customers responded well to our assortments, helping drive the Canadian Tire banner to its best comparable store sales result in a decade The first quarter is always our smallest, but I am pleased to see continued momentum from all of our businesses.”
Retail Segment Performance
| (year-over-year percentage change, C$ in millions, except where noted) |
Q1 2015 |
Q1 2014 |
Change |
|
Retail segment total |
0.1% |
1.2% |
|
|
Retail sales growth |
|||
|
Revenue1 |
$2,207.3 |
$2,293.1 |
(3.7)% |
|
Retail ROIC2 |
7.94% |
7.79% |
|
|
EBITDA11 |
$89.0 |
$80.4 |
10.7% |
|
Retail segment by banner |
|
|
|
|
Canadian Tire |
|
|
|
|
Retail sales growth3 |
4.5% |
0.0% |
|
|
Same-store sales growth 3, 12 |
4.7% |
(0.5)% |
|
|
Sales per square foot4 (whole $) |
$400 |
$388 |
3.0% |
|
Revenue1, 5 |
$1,217.9 |
$1,218.9 |
(0.1)% |
|
FGL Sports |
|
|
|
|
Retail sales growth6 |
8.6% |
1.7% |
|
|
Same-store sales growth6, 12 |
8.6% |
6.4% |
|
|
Sales per square foot7 (whole $) |
$292 |
$282 |
3.4% |
|
Revenue1 |
$405.0 |
$379.4 |
6.7% |
|
Mark’s |
|
|
|
|
Retail sales growth8 |
4.4% |
2.7% |
|
|
Same-store sales growth9, 12 |
5.5% |
2.9% |
|
|
Sales per square foot |
