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Aug 10, 2017

Canadian Tire reports 8.8% rise in profit on strong apparel demand

Canadian brands sniffing south of the border

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Retailer Canadian Tire Corp Ltd (CTCa.TO) reported a quarterly profit that comfortably beat analysts' expectations on strong demand for apparel and sports gear.

Shares of the company, which sells everything from automotive parts to apparel, were up as much as 3.3 per cent at $146.39 on the Toronto Stock Exchange on Thursday.

The company, which operates around 1,700 retail and gasoline outlets, reported total same-store sales rose 1.8 per cent in the second quarter.

Same-store sales at Canadian Tire stores, which accounted for more than half of the company's total revenue in the quarter, rose 1.4 per cent.

The segment was helped by demand for its Noma brand of electrical products and kitchen appliances under the Master Chef label.

The company said it experienced strong sales growth in June despite a slow start to the spring and summer.



Net income attributable to the company increased 8.8 per cent to $195.2 million in the quarter ended July 1.

Profit rose to $2.81 per share, beating the average analyst estimate of $2.52 per share, according to Thomson Reuters I/B/E/S.

The Toronto-based company's retail sales rose 3 per cent to $4.10 billion.