The Daily Chase: Canadian Tire misses analyst expectations; Linamar finds its footing
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We've got a veritable torrent of earnings to sort through here in Canada as we enter the tail-end of the busiest earnings week on the calendar this quarter.
SLOW START TO SPRING STINGS CANADIAN TIRE
Call it a profit miss and a revenue meet over at Canadian Tire. Adjusted earnings per share (EPS) came in at $1.00 – well shy of the $1.31 estimate – while revenue was bang in line at $3.71 billion. The company is blaming a couple of factors, namely a delayed start to spring sort of muddying the waters, with consumers pulling back on both spending for that season and the winter as they were unsure of whether they needed rain or snow boots. Same store sales at the flagship Canadian Tire banner were down 4.8 per cent, which isn't great, and the company did note that there was a $67.7 million hit from that fire at its distribution facility in Brampton, Ont.
EARNINGS NEARLY DOUBLED AT LINAMAR AS SUPPLY CHAINS RECOVER
