Canadian Tire sees sales pick up in June after slow spring
TORONTO - Canadian Tire Corporation, Ltd. (TSX:CTC.A) says its second quarter results benefited from a pickup in sales growth in June after a slow start to the spring and summer season.
The Toronto-based company’s overall revenue was $3.41 billion during the quarter ended July 1, up 1.8 per cent from the comparable period last year. Excluding petroleum sales, Canadian Tire’s revenue was up $34 million or 1.2 per cent - mostly from retail sales at banners that include Canadian Tire, Mark’s and Sport Chek.
Canadian Tire said it was able to control expenses during the quarter, resulting in higher gross margins driven by higher revenue at Mark’s, FGL Sports and the financial services segment and better margins at Canadian Tire.