Canadian Tire Corp. reported sales of its SportChek segment were up 1.3 percent in the fourth quarter with comparable sales gaining 2.0 percent.
For the full-year, SportChek’s retail sales increased 2.6 percent and comparable sales increased 3.3 percent.
The SportChek segment includes Pro Hockey Life, a hockey specialty store catering to elite players as well as SportChek, Hockey Experts, Sports Experts, National Sports, Intersport, and Atmosphere.
SportChek’s revenues reached $619.4 million in the quarter against $602.5 million, a gain of 2.8 percent. Figures are in Canadian dollars. Sales in the year were $2.04 billion against $1.99 billion, a gain of 2.2 percent.
The segment had 402 stores versus 409 a year ago.
The company noted that Helly Hansen’s revenue in the quarter was $199.7 million, up 20.4 percent. For the year, Helly Hansen’s revenue for 2019 was $650.8 million. Helly Hansen was acquired on July 3, 2018, so year-ago comparisons aren’t relevant.
Companywide, consolidated retail sales increased $200.5 million in the fourth quarter, or 4.3 percent over the same period in 2018. Excluding Petroleum, consolidated retail sales were up 5.1 percent over the same period last year. Consolidated revenue increased $185.0 million, or 4.5 percent in the fourth quarter.
Excluding Petroleum, consolidated revenue increased 5.1 percent.
Diluted EPS was $5.42 in the quarter, up $1.43 per share, or 35.7 percent, compared to the prior year. Normalized diluted EPS in the quarter was $5.53, an increase of $0.75 per share or 15.7 percent.
For the full-year, consolidated retail sales increased $384.3 million, or 2.5 percent, over the prior year. Excluding Petroleum, consolidated retail sales increased 3.9 percent.
Consolidated revenue increased $475.7 million for the full-year, or 3.4 percent, over the prior year. Excluding Petroleum, consolidated revenue increased 5.0 percent.
Diluted EPS was $12.58, an increase of $1.94 per share, or 18.3 percent, over the prior year. Normalized diluted EPS of $13.04 increased $1.09 per share or 9.1 percent.
“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 percent 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.
Photo courtesy Facebook for Business