SportChek’s retail sales increased 0.6 percent in the second quarter, with comparable sales up 4.1 percent over the same period last year, according to its parent, Canadian Tire Corporation, Ltd.

Total sales for the SportChek segment, including franchised operations, reached Canadian $476.1 million against C$453.4 million a year ago. The SportChek segment includes stores that operate under the SportChek, Sports Experts, Atmosphere, Sports Rousseau, and Hockey Experts banners. Comparable-store sales exclude the impact of the National Sports banner, which was closed last year.

Canadian Tire said SportChek benefited from the return to organized team sports, the top-performing categories were Team Sports, Licensed Clothing and Hockey. The Q1 2022 introduction of the Athleisure brand FWD (Forward With Design) also contributed to strong sales growth.

At Helly Hansen, which Canadian Tire acquired in 2018, external revenue in the quarter grew 38.9 percent to C139.6 million from C$100.6 million a year ago. Canadian Tire’s overall results were impacted by costs related to the exit of Helly Hansen operations in Russia.

Companywide, retail sales were C$5,363.8 million, up 9.9 percent, compared to the second quarter of 2021; consolidated comparable sales, excluding Petroleum, increased 5.0 percent. The company’s other businesses include Canadian Tire and Mark’s, a workwear chain.

Consolidated income before income taxes (IBT) was C$238.1 million, down 33.4 percent compared to the second quarter of 2021; and C$284.3 million, down 22.0 percent, on a normalized basis. Normalized diluted EPS was C$3.11, compared to C$3.72 in the prior year. Q2 Diluted EPS was C$2.43 per share, compared to C$3.64 in the prior year.

“Our strong comparable sales growth clearly demonstrated that customer demand for CTC’s unique multi-category product assortment remained healthy in the second quarter,” said Greg Hicks, president and CEO, Canadian Tire Corporation.

“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 has enabled us to continue to execute well and stay focused on the delivery of our Better Connected strategy,” continued Hicks. “Also, receivables and new account acquisitions at Canadian Tire Bank remained strong, in line with our expectations to drive long-term growth,” said Hicks.

Photo courtesy SportChek/FWD