This translation has been automatically generated and has not been verified for accuracy.Retailer Canadian Tire Corp Ltd missed third-quarter profit estimates on Thursday, hurt by higher e-commerce-related transportation costs and a drop in retail sales.
Competition from U.S. e-commerce giants Walmart and Amazon.com has hurt Canadian Tire’s brick-and-mortar sales and forced the 97-year-old company to invest heavily in its online business and provide faster delivery. However, higher freight costs related to its SportsChek e-commerce business hurt net income, which fell to $227.7-million, or $3.20 per share in the third quarter ended Sept. 28, from $231.3-million, or $3.15 per share, a year earlier.Revenue at the company’s retail segment fell marginally to US$3.3 billion, while analysts on average were expecting it to be US$3.43 billion, according to IBES data from Refinitiv.Total revenue rose marginally to $3.64 billion , but missed estimates of $3.
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