Canadian Tire beats quarterly revenue estimates on strong holiday season

[February 17, 2022]    (Reuters) - Retailer Canadian Tire Corp Ltd beat Wall Street estimates for quarterly revenue on Thursday, as consumers splurged on sporting goods, garden equipment and home decor during the holiday season.

A trend of spending time inside houses and remodeling homes during the pandemic has continued, boosting demand for tools and other home-related items. People also indulged in Halloween and Christmas decors in the quarter.

The company's total revenue rose to C$5.14 billion ($4.05 billion) in the fourth quarter ended Jan. 1, from C$4.88 billion a year earlier, beating analysts' average estimate of C$4.76 billion, according to IBES data from Refinitiv.

Net income attributable to shareholders rose to C$508.5 million, or C$8.34 per share, from C$488.8 million, or C$7.97 per share.

($1 = 1.2699 Canadian dollars)



(Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Maju Samuel)

 

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