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Canadian Tire Corp Q4 Profit Declines

Retail company Canadian Tire Corp. Ltd. (CTC.TO: Quote) Thursday posted a lower profit for the fourth quarter in spite of a revenue rise as operating expenses ate into the bottom line.

For the period, the company reported earnings of C$163.1 million, down from C$166.3 million last year.

On a per share basis, the firm reported earnings of C$2.0 versus C$2.03 last year.

The company said costs related to corporate restructuring and tax adjustments that occurred during the fourth quarter of 2012, amounts related to the purchase of FGL Sports and income received from the resolution of tax matters in 2011 were included in net income. But for these charges, earnings per share would have increased 2.8 percent for the quarter from the corresponding period last year.

Revenue for the quarter rose to C$3.166 billion, from C$3.135 billion last year.

However, total operating expenses climbed to C$749.6 million from C$680.8 million last year, upsetting the rise in revenue.

The company has declared a quarterly dividend of C$0.35 per share on each common and class A non-voting share. The dividend is payable on June 1 to shareholders on record as of April 30.

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by RTT Staff Writer

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