Canadian Tire reports summer profit rise

November 06, 2008
KRISTINE OWRAM
THE CANADIAN PRESS

Canadian Tire Corp. rang up a 6.3 per cent increase in summer-quarter profit as retail sales and other revenue increased over the same period last year, the company said Thursday. Its retail sales grew 7.3 per cent and operating revenue expanded 10.2 per cent in the quarter, while net income rose to $108.6 million. Canadian Tire (TSX: CTC.A) said its third-quarter system-wide retail sales were $2.61 billion, up from $2.43 billion in the year-ago period. Canadian Tire said its gross operating revenue was $2.26 billion, up from $2.05 billion "despite challenging economic conditions." Canadian Tire recently announced it will expand its food and grocery offerings, as well as an increased selection of other products, with a new experiment called the "smart store."