(Toronto) Canadian Tire posted first-quarter earnings down on Thursday from a year ago, having been battered by unusually mild winter weather, a slow onset of spring in several parts of the country and a fire at a key distribution center in Ontario.
The retailer reported net income attributable to shareholders of 7.8 million, or 13 cents per share, for the quarter ended 1er April, down from 182.1 million, or $3.03 per share, for the same period a year earlier.
Quarterly revenue totaled 3.71 billion, down from 3.84 billion in the previous first quarter.
Sales at Canadian Tire stores open for at least a year fell 4.8%. As for the L’Équipeur stores, these same comparable sales increased by 4.8%, while sales at SportChek stores that had been open for at least a year increased by 3.7%. Revenue for the Helly Hansen brand of products soared 22.9% year-on-year.
Canadian Tire normalized earnings were $1.00 per share, down from $3.06 per share in the first three months of 2022.
Analysts on average had expected adjusted earnings of $1.31 a share and revenue of $3.64 billion, according to forecasts compiled by financial data firm Refinitiv.
Company in this story: (TSX: CTC.A)