Canadian Tire Corporation Q4 revenues slide

Canadian Tire Corporation, Limited had revenue of $4.44 billion in the fourth quarter of 2023, a decrease of 16.8 percent compared to revenue of $5.34 billion in the fourth quarter of 2022. Revenue, excluding petroleum, decreased 17.8 percent year over year, with the decline driven by the retail segment. Consolidated income before taxes was $263 million, down $489.2 million compared to the fourth quarter of 2022. The retail segment sales were $5.32 billion, down 7.1 percent year over year and Canadian Tire Retail sales were down 6.9 percent. Retail revenue was down 18.5 percent to $4.07 billion in the fourth quarter compared to the year-ago period. Retail gross margin was $1.34 billion, down 26.7 percent year over year and retail income before taxes was $161.7 million, compared to $642.4 million in the prior-year period.