TORONTO — Canadian Tire Corp. Ltd.’s latest quarterly report fell short of analyst expectations as it saw revenue fall amid COVID-19 related store closures.
The Toronto-based retailer saw a second-quarter net loss attributable to shareholders of $20 million or 33 cents per share — that’s compared to a $177.4-million profit or $2.87 per share in the same quarter the previous year.
For the quarter ended June 27, the company’s revenue totalled $3.16 billion, down from roughly $3.69 billion in the second quarter of last year.
Analysts had expected a net income of $29 million or 47 cents per share on $2.95 billion in revenues, according to financial markets data firm Refinitiv.
The company says its performance was hurt by a decrease in revenue primarily at its SportChek, Mark’s and Helly Hansen banners as it temporarily closed stores to help stop the spread of the coronavirus.
Canadian Tire also incurred additional costs related to the pandemic, including adding safety protocols in stores.