Canadian Tire Corp. reported SportChek’s retail sales increased 10.0 percent in the first quarter and comparable sales were up 18.7 percent over the same period.

Results are in Canadian dollars.

Companywide, consolidated retail sales increased $360.7 million to $3.1 billion in the first quarter, or 13.1 percent over the same period in 2020. Excluding Petroleum, consolidated retail sales were up 17.8 percent over the same period last year.

Consolidated revenue increased $474.6 million to $3,322.9 million, or 16.7 percent in the first quarter. Excluding Petroleum, consolidated revenue increased 21.2 percent over the same period last year.

Diluted EPS was $2.47 in the quarter, an increase of $2.69 per share, compared a loss of ($0.22) in the prior year. Normalized diluted EPS in the quarter was $2.57, an increase of $2.70 per share.

Retail Segment Overview
Retail segment revenue increased $519.6 million to $3,022.8 million, or 20.8 percent, compared to the prior year. Excluding Petroleum, Retail segment revenue increased 26.8 percent over the same period in 2020.

CTR retail sales increased 20.1 percent in the first quarter and comparable sales were up 19.2 percent over the same period.

SportChek retail sales increased 10.0 percent in the first quarter and comparable sales were up 18.7 percent over the same period.

Mark’s retail sales increased 13.7 percent in the first quarter and comparable sales were up 22.0 percent over the same period.

Helly Hansen’s external revenue was up $14.8 million or 12.2 percent compared to the same period in 2020.

Income before income taxes was $102.5 million, compared to a loss of $99.6 million in the prior year. Normalized income before income taxes was $111.2 million, an increase of $203.3 million versus the prior year.

“I am pleased with the sustained momentum of all of our businesses and with our unprecedented results in the first quarter, given significant store network restrictions. Our unique, multi-category assortment across all banners has been integral in meeting the demand for products in backyard living, outdoor activities, home projects, and industrial workwear. The continued growth in our digital capabilities was a key enabler of customers shopping us their way,” said Greg Hicks, president and CEO, Canadian Tire Corporation. “Triangle Rewards also saw gains in the quarter with the addition of over 400,000 new members, and active members’ average spend increasing 15 percent.”

“Thank you to our Distribution Centre and Contact Center teams along with our store staff, Associate Dealers and corporate employees, who continue to support each other, our customers and our communities,” continued Hicks.

Photo courtesy SportChek