- Canadian Tire Corporation Limited (CTC) has released Q1 2022 financial results
- Consolidated comparable share grew 6.4 per cent; earnings per share are up 23 per cent
- Shareholder dividends are up 25 per cent this quarter
- Ecommerce rates doubled pre-pandemic levels despite the lifts on health restriction
- Canadian Tire’s owned brand sales took up a third of the sales growth during
- Canadian Tire Corporation Limited (CTC) is down 9.45 per cent trading at $372.16 per share as of 12:16 a.m. ET
Canadian Tire Corporation (CTC) has released Q1 financial results, which saw a positive influence from consumers returning to recreational activities.
Without the inclusion of petroleum, consolidated comparable sales have grown 6.4 per cent in the first quarter. Diluted earnings per share (EPS) are up 23 per cent to $3.03 and normalized diluted EPS were $3.06, up 19 per cent year-over-year.
The quarterly dividend to shareholders has increased by 25 per cent to $1.62 per share
Canadian Tire claims its expansive multi-category assortment is what drove growth across its banners.
Greg Hicks, President and CEO of Canadian Tire, commented,
“Comparable store sales were up significantly, with outstanding performances at SportChek, as more families returned to hockey and skiing, and at Mark’s, which achieved growth across all categories in both national and owned brands.”
Consolidated retail sales are up 9.7 per cent and consolidated comparable sales (excluding Petroleum) are up 6.4 per cent when compared to the same time last year.
Canadian Tire retail comparable sales grew 4.5%, which was supported by its automotive, hockey and winter businesses, an expected trend now that COVID-19 threats have lessened.
The company’s ecommerce rate more than double its pre-pandemic levels even with the lifts on COVID restrictions, which have allowed for more in-store foot traffic.
Canadian Tire’s owned brand sales took up a third of the sales growth during the quarter, and it has kept focusing on getting more people to sign onto its Triangle Rewards program.
The company’s normalized retail income before income taxes is $39.7 million while its financial services income before taxes was $125.3 million, a slight downward dip compared to $126.4 million in the first quarter of 2021.
Canadian Tire Corporation Limited (CTC) is down 9.45 per cent trading at $372.16 per share as of 12:16 a.m. ET.