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Canadian Tire doubles earnings in Q4

Canadian Tire reported gross revenues of $2.5 billion for its fourth fiscal quarter of 2010, a 4% rise over the same quarter a year ago. Same-store sales for the quarter dropped 0.4%, however.

Consolidated retail sales for Canadian Tire rose 2.4% in the fourth quarter to $3.1 billion.

For the year, gross revenues rose 3.4% to $9 billion. Consolidated retail sales rose 3.1% to $10.3 billion.

Same-store sales rose 0.8% for the full year.

Headquartered in Toronto, the 485-unit retail chain earned $181.1 million for the fourth quarter of 2010, ended Jan. 1, 2011. This represents an 88.2% jump from $96.2 million a year ago. Profits for the full year were $453.6 million, a 35.4% increase.


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