For Canadian Tire, it was the company's lower-profile financial service division that weighed down the bottom line.Net income in the retailer's fiscal second quarter, which ended July 30, sank 31.5 per cent year-over-year to $177.6 million, the company said Thursday. That was attributed in part a $36.5-million charge tied to halting Helly Hansen's business operations in Russia during the period.Excluding that charge and other one-time costs, Canadian Tire said it earned $3.
"Our results reflect our continued ability to effectively navigate a challenging and dynamic environment. Our retail team’s outstanding focus on inventory and margin management have enabled us to continue to execute well ... Also, receivables and new account acquisitions at Canadian Tire Bank remained strong, in line with our expectations to drive long-term growth," said Canadian Tire president and chief executive officer Greg Hicks in a release.
It was a mixed picture across Canadian Tire's portfolio of retail brands. The Mark's business stood out as same-store sales surged 20.9 per cent in the quarter. SportChek's sales at stores that were open for at least a year rose 4.1 per cent, while the namesake Canadian Tire banner saw its comparable sales rise 3.9 per cent.
Profit from Canadian Tire’s retail operations was held back as selling, general and administrative expenses jumped 10 per cent year-over-year to $1 billion in the quarter, which the company attributed to marketing as well as costs tied to store operations due to the lack of COVID-19 public health restrictions.
Nothing is 1$ at Dollorama......35% price increase...less people going in the kingdom of crap food
Canada goose. No question.
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