Canadian Tire profit dips on onetime charge but tops expectations

first_img Email Share this storyCanadian Tire profit dips on one-time charge, but tops expectations Tumblr Pinterest Google+ LinkedIn TORONTO — Canadian Tire Corp. Ltd. reported a dip in its fourth-quarter profit compared with a year ago, as it took a one-time charge related to its financial services deal with Scotiabank.The retailer says it earned a profit attributable to shareholders of $254.3 million or $3.99 per diluted share for the 13-week period ended Dec. 29, compared to a profit of $275.7 million or $4.10 per diluted share a year earlier.Revenue totalled $4.13 billion, up from $3.92 billion.Canadian Tire says its normalized earnings for the quarter, which exclude the $50-million financial services charge, amounted to $4.78 per diluted share, up from $4.10 per diluted share a year ago.Analysts on average had expected a profit of $4.69 per share, according to Thomson Reuters Eikon.The company also announced that Dean McCann, its chief financial officer, will retire at the end of the year. Canadian Tire took a one-time charge related to its financial services deal with Scotiabank.Bloomberg advertisement Comment Reddit Join the conversation → Canadian Tire profit dips on one-time charge, but tops expectations CFO to retire at end of year More Sponsored By: center_img Recommended For YouCME cattle futures weaken as U.S. beef prices declineCintas Corporation Announces Record Fiscal 2019 ResultsSaudi Arabia approves new tendering and procurement lawU.S. retail sales data dents stocks, lifts Treasury yieldsMexico’s markets weaken as Pemex plan underwhelms Facebook What you need to know about passing the family cottage to the next generation ← Previous Next → February 14, 20196:58 AM ESTLast UpdatedFebruary 14, 20197:16 AM EST Filed under News Retail & Marketing Featured Stories 0 Comments Twitter The Canadian Press last_img read more