Canadian Tire Corp. reported SportChek’s comparable sales growth declined 1.4 in the third quarter. On a constant-currency basis, Helly Hansen’s revenue decreased 0.9 percent.
SportChek’s retail sales were lower by 1.7 percent due to fewer promotional events, a slower back-to-school season and a decline in hockey & team sports compared to the prior year. E-commerce sales continued to deliver strong growth. Clothing, accessories, hiking & camping, and golf categories were up for the quarter compared to the prior year.
The SportChek segment includes SportChek, Sports Experts, Atmosphere, Pro Hockey Life, National Sports, Sports Rousseau, and Hockey Experts. Total sales at SportChek, including contributions from franchises, were C$533.2 million against C$543.3 million a year ago.
Helly Hansen’s net revenue in the quarter was C$155.4 million, a decrease of 2.5 percent.
Companywide, consolidated retail sales increased 13.1 percent in the third quarter, to C$4.41 billion. Excluding Petroleum, consolidated retail sales were up C$635 million or 19.1 percent over the same period last year
Among its non-sport banners, CTR led the way in the quarter, delivering 25.1 percent comparable sales growth, reflecting strong demand across all product categories and owned brands sales growth of 28 percent. Mark’s delivered solid comparable sales growth of 5.7 percent, driven primarily by growth in industrial wear.
Diluted EPS was C$4.84, normalized diluted EPS was C$4.93 — a growth of 42.5 percent over the prior year.
“I am extremely proud of our third-quarter performance, a true testament to the relevancy of our brand and unique multi-category assortment which continues to resonate with our customers both in-store and across our digital platforms. Our impressive retail capabilities and agility have contributed to our market share growth across the categories in which we compete. Both frequency of visits and spend levels of our Triangle members, particularly our active family segment, increased significantly in the quarter, and we are well-positioned heading into the holiday season,” said Greg Hicks, president and CEO, Canadian Tire Corporation.
“My deep appreciation goes out to our Associate Dealers and to all of our employees for their passion and extraordinary commitment to serving our customers in the midst of the ongoing pandemic, and for meeting their needs no matter how they choose to shop with us,” continued Hicks.
Photo courtesy SportChek
