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Canadian Tire reports Q1 loss compared with a profit a year ago, sales dip

Last Updated May 7, 2020 at 4:04 am PDT

TORONTO — Canadian Tire Corp. Ltd. reported a loss in its latest quarter as sales fell due to the steps taken to slow the spread of COVID-19, including the temporary closure of its SportChek and Mark’s stores.

The retailer says its loss attributable shareholders totalled $13.3 million or 22 cents per diluted share for the quarter.

That compared with a profit attributable to shareholders of $69.7 million or $1.12 per diluted share a year ago.

Retail sales for the quarter were nearly $2.76 billion, down from $2.83 billion in the same quarter a year earlier.

On a normalized basis, Canadian Tire says it lost 13 cents per share for the quarter compared with a normalized profit of $1.12 per share in the first quarter of 2019.

Analysts on average had expected a loss of 11 cents per share and $2.79 billion in revenue, according to financial markets data firm Refinitiv.

This report by The Canadian Press was first published May 7, 2020.

Companies in this story: (TSX:CTC)

 

 

 

The Canadian Press