Canadian Tire’s normalized earnings were $1.00 per share, down from $3.06 per share in the first three months of 2022. (Photo: The Canadian Press)
Canadian Tire on Thursday reported first-quarter earnings below a year earlier after the company faced unusually mild winter weather, a slow start to spring in several parts of the country and a fire at a central distribution center in Ontario.
The retailer reported net income attributable to shareholders of $7.8 million, or 13 cents a share, for the quarter ended April 1, compared to $182.1 million, or $3.03 per share for the same period period of the previous year.
Quarterly revenue was $3.71 billion, down from $3.84 billion in the previous first quarter.
Sales at Canadian Tire stores that have been open for at least a year fell 4.8%. At L’Équipeur stores, comparable sales increased 4.8%, while sales at SportChek stores open for at least a year increased 3.7%. Sales of the Helly Hansen product brand increased by 22.9% year-on-year.
Canadian Tire’s normalized earnings were $1.00 per share, compared to $3.06 per share for the first three months of 2022.
Analysts on average had expected adjusted earnings per share of $1.31 and revenue of $3.64 billion, according to forecasts by financial data firm Refinitiv.
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