Company News

BUZZ-Canadian Tire skids as shipment troubles hurt Q1 profit

** Shares of diversified retailer Canadian Tire Corp down ~2.7% at C$146.90

** Stock set for biggest 1-day drop in nearly 3 months after Q1 results

** Co reports profit of C$1.12 per share, missing estimates by 26 Canadian cents as per Refinitiv data

** Profit miss comes after two straight quarters of beat

** Results hurt by lower shipment of products to dealers at its eponymous retail unit, overshadowing overall same-store sales growth of 6.1%

** Revenue at CT Retail, which makes up for nearly half of total rev, was down 2.7%

** Analysts at Raymond James Canada wrote in a client note that while comparable sales growth was surprisingly strong, the cost of driving that growth was higher than expected

** Stock up 5.8% YTD (Reporting by Ahmed Farhatha)