TORONTO — Canadian Tire reported a big bump in first-quarter profits Thursday — beating market expectations — as last year’s acquisition of sporting goods retailer Forzani Group boosted its revenues.
The retailer (TSX:CTC.A) posted a profit of $71 million, or 87 cents per share — a 21.5 per cent increase from a year earlier.
The average analyst estimate had been for a profit of 79 cents per share, according to Thomson Reuters.
“Overall, our first-quarter results were strong and I believe we are on track for the balance of the year,” CEO Stephen Wetmore told analysts on a conference call.
The company posted $2.4 billion in revenue for the quarter ended March 31, up 23 per cent from the same period last year.
Canadian Tire shares closed up more than four per cent to $70.23 on the Toronto Stock Exchange.