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 $3.3 billion, while analysts on average were expecting it to be $3.43 billion, according to IBES data from Refinitiv.Total revenue rose marginally to $3.64 billion, but missed estimates of $3.73 billion, according to IBES data from Refinitiv.
Canadian Tire your grandpa's store Like Tim Hortons they have stayed in the past and failed to modernized there thinking kinda like most things Canadian
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