Canadian Tire Corporation, Ltd. reported comparable-store sales at SportChek were up 11.2 percent in the third quarter, led by growth in athletic apparel, footwear, hockey, and team sports.
SportChek retail sales were up 9.0 percent. SportChek’s revenues, including inter-segment revenue, reached $560.6 million against $533.2 million a year ago.
The SportChek segment includes SportChek, Hockey Experts, Pro Hockey Life, Sports Experts, and Atmosphere.
Helly Hansen, which Canadian Tire acquired in 2018, achieved revenue of $157.6 million, up 1.5 percent, or 3 percent on a constant-currency basis
Companywide, Retail segment revenue decreased $77.7 million, or 2.1 percent in the quarter. Excluding Petroleum, Retail segment revenue decreased 6.2 percent, due to a decline in shipments to Dealers at Canadian Tire.
Retail revenue was up 9.4 percent compared to 2019 and excluding Petroleum, up 11.1 percent, with Canadian Tire revenue up 14.1 percent compared to 2019. Retail revenue was up 9.4 percent compared to 2019 and excluding Petroleum, up 11.1 percent,
Canadian Tire, its ts flagship chain, delivered retail sales in the quarter that were relatively flat to last year, down 0.6 percent, and comparable sales were up 1.4 percent. Canadian Tire revenue is up 14.1 percent compared to 2019.
Diluted EPS was $3.97 in the quarter, down $0.87 per share, or 18 percent, compared to the prior year; normalized diluted EPS in the quarter was $4.20, a decrease of $0.73 per share or 14.8 percent
“I am pleased with our results this quarter as we delivered exceptional sales growth against 2019 and strong growth against 2020. Our customers continue to connect with us in-store and online and our eCommerce sales remain at twice pre-pandemic levels, demonstrating the success of our strengthened omnichannel capabilities across our banners,” said Greg Hicks, President and CEO, Canadian Tire Corporation. “Our strong supply chain capabilities have put us in an excellent inventory position as we head into the important fourth quarter. We are well-positioned through our unique multi-category assortments to deliver the products our customers need as they prepare to celebrate the holiday season.”
“I am proud of the work the team has delivered to achieve our previously committed operating efficiency target of $200+ million in annualized savings ahead of schedule, as we continue to prove our ability to transform our company and invest to modernize our business. We see the path to an additional $100 million in savings through 2022. Our confidence in the company’s future is evidenced by the significant increase in our dividend and the reinstatement of our share repurchase program, which will see us repurchase up to $400 million by the end of 2022,” continued Hicks.
Photo courtesy SportChek
