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Canadian Tire announces 2000 earnings, sales

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Canadian Tire Corp. Ltd. reported consolidated earnings of $240.6 million -- a 6% increase over 1999 -- and gross operating revenues of $5.2 billion in 2000. After taxes, consolidated net earnings totaled $148 million, a 1.4% increase over the year before.

Canadian Tire says it successfully carried out a number of key initiatives affecting its retail division last year, including:

* the opening of 45 new-format stores; 233 of Canadian Tire's 432 outlets across Canada are new-format stores.

* the launch of Canadian Tire Online (no tires are sold online, however).

* the start of construction on a distribution center in Calgary, Alberta.

Canadian Tire's associate dealers reported a 4.2% increase in total retail sales vs. 1999, although comparable store sales decreased by 1.7%.

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