Canadian Tire profit drops two per cent in last quarter


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Canadian Tire continues in a downward trend. Stock price drops again to $ 67.31 from a high of $ 87.39....and Target hasn't even opened yet.

"TORONTO - Canadian Tire Corp. Ltd. (TSX:CTC) has reported a small increase in fourth-quarter revenue, but also an almost two per cent drop in net profit in the final three months of the year. The Toronto-based retailer of general merchandise, clothing and sporting goods as well as automotive products and services says net income in the three months ended Dec. 29 was $163.1 million or $2 per diluted share. That was down 1.9 per cent from $166.3 million or $2.03 per diluted share in the same 2011 period. Revenue rose $1.4 per cent to $3.78 billion from just under $3.73 billion in the year-earlier period."

CT Challenger

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The only signs of hope were outside CT Retail, such as petrolium, credit, Marks' and Forzani.

This continues the downward trend for the Red Triangle of Crap stores.

Not sure why they opened 2 more, if they are just going to see dropping sales and profit?

It'll be interesting to see how many of their remaining customers end up at Target this year ...