Canadian Tire sees sales pick up in June after slow spring Q2

TORONTO — Canadian Tire Corporation, Ltd. (TSX:CTC.A) says its second quarter results benefited from a pickup in sales growth in June after a slow start to the spring and summer season.The Toronto-based company’s overall revenue was $3.41 billion during the quarter ended July 1, up 1.8 per cent from the comparable period last year.Excluding petroleum sales, Canadian Tire’s revenue was up $34 million or 1.2 per cent — mostly from retail sales at banners that include Canadian Tire, Mark’s and Sport Chek.Net income was up nine per cent at $217.0 million and diluted earnings per share was up 14.1 per cent at $2.81.Canadian Tire said it was able to control expenses during the quarter, resulting in higher gross margins driven by higher revenue at Mark’s, FGL Sports and the financial services segment and better margins at Canadian Tire. read more

Titanic shipyard in Northern Ireland faces administration

LONDON — The Belfast shipyard that built the Titanic is facing administration.Harland and Wolff risks going into bankruptcy after its Norwegian parent company, Dolphin Drilling, failed to find a buyer.The shipyard was famed for constructing the doomed Titanic, which sank on its maiden transatlantic voyage in 1912 after striking an iceberg. The firm was one of U.K.’s key industrial producers during World War II and its massive yellow cranes, Samson and Goliath, are considered landmarks of Belfast.It once boasted a workforce of 30,000, but now employs only 125.In recent years, the shipyard diversified to work on cruise liner retrofits and wind energy projects.Workers demonstrated in hopes of persuading the government to step in to rescue the company, but the government has so far declined to intervene.The Associated Press read more