Sales down

Canadian Tire Retail experienced a decline in the first quarter of 2008, with sales down by 1.9 per cent to C $ 1.129 bn (€ 724 mio). The like-for-like decline came to 4.0 per cent. Pre-tax profit rose 15.1 per cent to C $ 43.6 mio (€ 28 mio), a result that is attributable to higher margins and increased efficiency measures in which the company has invested C $ 3 mio (€ 1.9 mio). At the end of the first quarter Canadian Tire Retail had 473 stores after three new openings.