Canadian Tire fourth-quarter profit beats expectations

Canadian Tire profits up

Canadian Tire Corp. saw its profit grow beyond analyst expectations in its most recent quarter, though its revenue missed the mark.

The Toronto-based retailer reported profit attributable to shareholders of $334.1 million or $5.42 diluted earnings per share for the quarter ended Dec. 28.

That's compared with $254.3 million or $3.99 for the same quarter the previous year.

The company's revenue jumped 4.5 per cent to $4.3 billion for the quarter.

Analysts had expected revenue of $4.4 billion and profit of $329.6, according to financial markets data firm Refinitiv.

CEO Stephen Wetmore says in a statement that the strong quarter capped off a solid last half of the 2019 financial year as consumers engage with the company more frequently through its Triangle rewards program.

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