(Toronto) The Canadian Tire Corporation announces that its fourth quarter profit and revenue decreased compared to last year, as it says it has weathered a difficult economic environment.
The retailer says it made net income attributable to shareholders of $172.5 million, or $3.09 per share, for the 13 weeks ended December 30.
The result compares to a profit of 531.9 million, or $9.09 per share, in the same quarter a year earlier.
Canadian Tire says its normalized diluted earnings per share for the quarter came to $3.38, compared to $9.34 a year earlier.
Revenues totaled 4.44 billion, compared to 5.34 billion in the fourth quarter of 2022.
The company says its consolidated comparable sales declined 6.8% due to a slowdown in consumer demand, compounded by weaker sales due to unusual weather conditions across the country in December.
Companies in this dispatch: (TSX: CTC. A)