February 14, 2019 / 11:13 AM / 2 months ago

Retailer Canadian Tire's quarterly profit beats estimates

The Canadian Tire logo is seen in Ottawa, Ontario, Canada, February 14, 2019. REUTERS/Chris Wattie

(Reuters) - Retailer Canadian Tire Corp Ltd reported a better-than-expected fourth quarter profit on Thursday, helped by strong demand for toys and electronics.

Sales in Canadian Tire’s retail unit, its biggest, rose 0.6 percent in the quarter, compared with 3.8 percent a year earlier.

The company, which is broadening its retail offerings by including private labels in addition to rolling out options like home delivery, is competing against global ecommerce giants like Amazon.com and Walmart Inc to win back market share.

Canadian Tire’s net income fell to C$278.2 million ($209.8 million), or C$3.99 per share, in the fourth quarter ended Dec. 31, from C$ 295.4 million, or C$4.10 per share, a year earlier.

Excluding one-time items, the company earned C$4.78 per share, beating the average analyst estimate of C$4.69, according to IBES data from Refinitiv.

Revenue rose to C$4.13 billion from C$3.92 billion.

Reporting by Shradha Singh in Bengaluru; Editing by Maju Samuel

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