TORONTO — Canadian Tire Corp. Ltd. says it’s closing all its National Sports retail stores to reduce overlap in the company’s sporting goods assortment and gain efficiencies.
Gregory Craig, the retailer’s chief financial officer, told investors that all 18 stores will be closing.
He says it was a difficult decision for the company because of its impact on people.
Craig says the company is making every effort to place affected employees within the retailer’s family of stores, which includes Canadian Tire, Sport Chek and Mark’s.Advertisement
The company made the announcement as it reported that its fourth-quarter profit and revenue both rose significantly compared with a year ago.
The retailer says its net income attributable to shareholders totalled $488.8 million or $7.97 per diluted share for the quarter ended Jan. 2.
The result was up from $334.1 million in net income attributable to shareholders or $5.42 per diluted share in its fourth quarter a year earlier.
Revenue was $4.87 billion, up from $4.32 billion.
On an adjusted basis, Canadian Tire said it earned $8.40 per diluted share, up from $5.53 a year earlier.
Analysts on average had expected an adjusted profit of $6.69 per share and $4.83 billion in revenue, according to financial data firm Refinitiv.