SportChek’s Q4 Comps Decline 3 Percent

Canadian Tire Corp. reported comparable sales growth in the SportChek segment declined 3 percent in the fourth quarter due to reduced promotional activity, temporary store closures and COVID-19 restrictions.

Overall, SportChek retail sales, which include sales from both corporate and franchise stores. were relatively flat, up by 0.5 percent. Total sales were C$604.8 against C$619.4 million, down 2.3 percent.

Helly Hansen’s revenue in the quarter was C$196.1 million, up 11.4 percent, or 12.1 percent on a constant-currency basis

For the full year, SportChek’s retail sales decreased 8.5 percent and total sales were off 10.9 percent to C$1.81 billion from C$2.04 billion a year ago. Helly Hansen’s revenue was C$541.9 million, down 2.2 percent. On a constant-currency basis, Helly Hansen’s revenue grew 2.0 percent.

The SportChek segment had 397 stores at the close of the year against 402 a year ago. Banners include SportChek, Sports Experts, Atmosphere, National Sports, Sports Rousseau, and Hockey Experts names and trademarks.

Companywide, consolidated retail sales in the quarter increased C$479 million in the fourth quarter, or 9.9 percent over the same period in 2019. Excluding Petroleum, consolidated retail sales were up 13.6 percent over the same period last year.

Among its other segments, CTR’s strong growth of 12.8 percent was driven by double-digits in almost 70 percent of product categories and Owned Brand’s growth of 18 percent. Mark’s delivered strong comparable sales of 7.6 percent, driven primarily by e-commerce sales and the strong performance of its national brands.

Diluted EPS was C$7.97. Normalized diluted EPS was C$8.40, an increase of 51.9 percent.

For the year, consolidated retail sales increased C$985.4 million, or 6.2 percent, over the prior year. Excluding Petroleum, consolidated retail sales increased 11 percent. Diluted EPS was C$12.31, a decrease of C$0.27 per share, or 2.2 percent, over the prior year. Normalized diluted EPS of C$13.00 decreased C$0.04 per share or 0.3 percent.

Photo courtesy Canadian Tire Corp.