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UPDATE 2-Canadian Tire distinction beats on clever automotive, sports rigging sales


(Adds details, researcher quote, share movement)

Feb 26 (Reuters) – Retailer Canadian Tire Corp
reported a fourth-quarter distinction that absolutely kick analysts’
estimate, helped by clever sales of a automotive products and
sports gear, pulling a shares adult 8 percent to a record high on
Thursday.

Same-store sales during Canadian Tire stores – that accounts
for over half a company’s sell sales – rose 2.8 percent, as
it sole some-more homeware products and winter tires for cars and
light lorry tires.

“We charge a kick to stronger-than-expected same-store
sales expansion during a core Canadian Tire banner, a
lower-than-expected boost in handling losses in a retail
segment, and clever formula during a financial services segment,”
BMO Capital researcher Peter Sklar said.

At FGL Sports, that sells an collection of sports-related
products, same-store sales rose 4.9 percent in a fourth
quarter finished Jan. 3, led by clever sales in a largest brand,
Sport Chek.

The association also sells infrequent and work wardrobe and footwear
under a Mark’s brand.

Canadian Tire and other domestic retailers have been feeling
the feverishness as U.S.-based rivals such as Wal-Mart Stores Inc
and Amazon.com Inc enhance into Canada.

Canadian Tire has, for a past year, pronounced it was investing
in record to strengthen sales by a snazzier online
presence and targeted digital advertising.

The association pronounced on Thursday, sum revenue, that includes
revenue from financial services, rose scarcely 10 percent to
C$3.65 billion ($2.94 billion), helped in partial by an additional
week of operations.

That kick analysts’ normal guess of C$3.56 billion.

Net income attributable to Canadian Tire rose only underneath 2
percent to C$191.3 million, or C$2.44 per share.

According to Thomson Reuters I/B/E/S, a association earned
C$2.59 per share incompatible certain items, commanding analysts’
average guess of C$2.52.

The association pronounced it warranted C$2.65 per share, incompatible items
related to a sale of 20 percent of a financial services
business to Bank of Nova Scotia . This figure is
not allied with a Thomson Reuters estimate.

Canadian Tire’s shares rose 8.4 percent to a record high of
C$133.08 in afternoon trading.
($1 = C$1.2425)

(Reporting by Manya Venkatesh in Bengaluru; Editing by Maju
Samuel and Savio D’Souza)

Article source: http://www.reuters.com/article/2015/02/26/canadiantire-results-idUSL4N0W043Q20150226

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