Canadian Tire reports first-quarter profit and revenue down from year ago
By The Canadian Press on May 11, 2023.
TORONTO – Canadian Tire Corp. Ltd. says its first-quarter profit fell compared with a year ago as it faced unseasonably mild winter weather, a slow start to spring in several regions of Canada and a fire at a key distribution centre in Ontario. The retailer reported net income attributable to shareholders of $7.8 million or 13 cents per diluted share for the quarter ended April 1, down from $182.1 million or $3.03 per diluted share a year ago. Revenue for the quarter totalled $3.71 billion, down from $3.84 billion in the same quarter last year. The drop in revenue came as comparable sales at its Canadian Tire stores fell 4.8 per cent. Comparable sales at its Mark’s banner gained 4.8 per cent, while SportCheck comparable sales grew 3.7 per cent. Helly Hansen revenue rose 22.9 per cent compared with a year ago. Canadian Tire says its normalized earnings for the quarter amounted to $1.00 per diluted share, down from a normalized profit of $3.06 per diluted share a year ago. Analysts on average had expected an adjusted profit of $1.31 per share and $3.64 billion in revenue, according to estimates compiled by financial markets data firm Refinitiv. This report by The Canadian Press was first published May 11, 2023. Companies in this story: (TSX:CTC, TSX:CTC.A) 9-8
