Toronto– Canadian Tire announced its results for the fourth quarter of 2011 last week, and the iconic Canadian hardware and general merchandise retailer had good reason to celebrate. The company reported fourth-quarter revenues of $3.1-billion, up a healthy 21 per cent from revenues of $2.6-billion during the fourth quarter of 2010.
Sales for Canadian Tire’s retail segment did even better, rising 23.6 per cent for the quarter to $2.9-billion. Much of the company’s sales growth could be attributed to its acquisition of sporting goods retailer Forzani Group Ltd. last year for $771-million. For the full year, Canadian Tire’s earnings rose 17.4 per cent to $5.17 per share, while revenue for the full year was up 12.7 per cent to $10.4-billion for all operations. Aside from its retail division, Canadian Tire is active in petroleum sales and financial services.
The company reported a 1.8 per cent rise in same-store sales for the fourth quarter. Canadian Tire attributed the increases to growth across many segments, including kitchen, paint, organization and tools. On the downside, the unusually mild winter has had an impact on the company’s sales of winter tires, auto parts and outdoor tools.