DC fire impacts CTC revenue

The retail segment at Canadian Tire Corporation, Limited (CTC) saw its revenue drop $166.6 million, or 4.8%, to $3.34 billion for the first quarter of 2023, impacted by a fire at its A.J. Billes distribution centre, unseasonably mild winter weather, and a slow start to spring in several regions of Canada. Overall consolidated income before taxes for the first quarter was $66.6 million, a decrease of $228.3 million compared to the prior year. The retailer expanded the reach of its Triangle Rewards program with the launch its Triangle Select subscription membership program; more than 22,000 members signed up since the program's January 2023 launch. CTC also continues to grow its portfolio of Owned Brands products with the acquisition of plumbing faucets and fixtures brand Danze in Canada; Owned Brands accounted for 35.8% of retail sales in the first quarter.