FGL cretail sales and same-store sales grew 6.8 percent and 4.8 percent respectively in the second quarter ended July 4, compared with the same period last year, parent company Canadian Tire Corporation (CTC), Limited reported Thursday.
Same-store sales at Sport Chek were up 8.6 percent in the second quarter, reflecting recent investment and expansion of the Sport Chek banner. FGL Sports operates Canada's largest network of sporting goods stores, including Hockey Experts, Sports Experts, National Sports, Intersport, Pro Hockey Life and Atmosphere, a chain of outdoor specialty stores.
CTC's flagship Canadian Tire chain of general merchandise stores, which also carry sporting goods, saw retail sales increase 7.1 percent and same-store sales grow 3.2 percent over the same period last year. The growth was bolstered by strong sales at the Canadian Tire Showcase store in South Edmonton Commons which opened June 1, 2015.
Income before income taxes in the Retail segment, which spans more than 1,700 retail locations including including Mark's casual and work wear stores, was $152.8 million, up 2.2 percent over the second quarter last year.
"Canadian Tire is operationally stronger than a year ago, but our solid sales and productivity gains are masked by the dramatic fall of the Canadian dollar and impacted by certain one-time items that benefitted us in 2014," said Michael Medline, President and CEO, Canadian Tire Corporation. "I'm pleased that our operating performance and productivity initiatives have gained significant traction and are generating tangible results, which will continue to serve us well over the long term."
CTC's retail segment also includes Mark's, a leading source for casual and industrial wear. The company operated more than 1,700 retail locations at the end of the quarter.
