Canadian Tire increases Q3 profit 13%

On Thursday Canadian Tire Corp. (TSX : CTC.A) announced that strong growth in their retail and financial divisions attributed to a increase of 13% (95.4 million) in third-quarter profits.  The retail sales rose 9% to $2.43 billion versus last year’s $2.23 billion.  These earnings will equate to $1.16 per share which is over some analysts estimates of $1.10 per share.  I am expecting that they will have a really strong fourth quarter with increased spending at their 34 new locations across Canada.  As well, Canadian Tire really does a lot of marketing during the Christmas season so sales should pick up substantially. Shares of Canadian Tire fell on the markets on Friday to 73.45 or by 0.31%.