Nov 11, 2022
Gardening Leads Canadian Tire Sales
Canadian Tire Corporation, Limited had revenue of $4,228.7 million for the third quarter of 2022, an increase of 8.1 per cent compared to revenue in the third quarter of 2021. Revenue (excluding petroleum) was up six per cent. Retail revenue was $3,873.7 million, an increase of $266.6 million, or 7.4 per cent, compared to the prior year. Excluding petroleum, retail revenue increased five per cent. Consolidated retail sales for the quarter were up 2.8 per cent year over year and consolidated comparable sales excluding petroleum were up 0.7 per cent. Canadian Tire Retail (CTR) comparable sales were up 0.7 per cent against the year-ago period; the seasonal and gardening and automotive categories drove growth in the quarter. Triangle Loyalty member sales outpaced retail sales, driven by an increase in active members and spend per member. Income before taxes was $298.6 million, down 19.3 per cent compared to the prior year period, and $314.5 million, down 19.1 per cent, on a normalized basis.
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