(Toronto) Canadian Tire reported lower second-quarter earnings than the same period a year ago.
Posted at 11:05 a.m.
The retailer said its net income attributable to shareholders was 145.2 million, or $2.43 per share, for the quarter, down from 223.6 million, or $3.64 per share, a year ago. earlier.
Canadian Tire says retail sales increased 9.9% and comparable sales, excluding fuel, increased 5.0%. Retail sales for the SportChek banner increased by 0.6% while comparable sales increased by 4.1%, and retail sales for the L’Équipeur banner increased by 21.1% while comparable sales increased by 20.9%.
Canadian Tire says it earned normalized diluted earnings per share of $3.11, down from normalized earnings of $3.72 a year earlier.
The company says the performance of the business’ retail segment remains significantly above pre-pandemic levels on a normalized basis. On the other hand, higher expenses, including the currency translation effect, led to lower profits in the second quarter compared to the previous year.
Canadian Tire attributed the 15% increase in financial services revenue, driven by growth in accounts receivable and growth in credit card sales, to increased customer activity and new account acquisition .