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Canadian Tire reports ‘extraordinary’ Q2 sales growth.

Posted on August 22nd, 2020

Canadian Tire Corporation announced a 9.3% increase in second quarter sales despite many of its stores being closed or working under restrictions.

Canada’s leading supplier of fishing tackle has reported sales growth of 9.3% in the second quarter of its financial year, despite 80% of its stores operating under closures and restrictions for much of the period.

Canadian Tire Corporation (CTC) also reported that its digital and e-commerce business across all banners reached CN$600m in the quarter – far exceeding its full-year digital sales in 2019.

“This quarter we drove extraordinary retail sales growth, particularly at our core CTC brand, further reinforcing the relevancy of our unique multi-category assortment to our customers,” said Greg Hicks, the group’s President and CEO.

“With a significant percentage of our store network closed for much of the quarter, customers turned to our online platforms and we saw e-commerce sales surge across all brands – CTC, SportChek, Helly Hansen and Sports Expert – by 400%. Our strong results in CTR – Click Through Rate – clearly demonstrates the advantage of our dealer model and durability to quickly adapt to the local market and customer needs.

“We continue to fulfil our deep-rooted purpose of being there for life in Canada, no matter what life may look like. I am incredibly proud of the contribution of our dedicated frontline store, distribution centre and contact centre employees as well as our associate dealers, who place the customer at the heart of everything we do,” added Hicks.

Excluding petroleum, consolidated retail sales were up CN$346 – 9.3% compared to the same period last year.

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