TORONTO — The head of Canadian Tire Corp. Ltd. says indebted shoppers are cutting back on spending even more — and he doesn't see that trend turning around quickly.
TORONTO — The head of Canadian Tire Corp. Ltd. says indebted shoppers are cutting back on spending even more — and he doesn't see that trend turning around quickly.
"But the reality is the consumption patterns are less dependent on income level. They're more dependent on household indebtedness, and indebted households, regardless of income level, are consuming much less, especially in discretionary businesses." The company weathered the situation well enough to report a profit attributable to shareholders of $198.8 million or $3.56 per diluted share in its most recent quarter, up from $99.4 million or $1.76 per diluted share a year earlier.
But when temperatures, rainfall and snow levels buck what was anticipated, unexpected demand may crop up for products that are not well-stocked or people might delay purchases altogether if it's not cold enough to need a parka or sled, for example. "With cold and wet weather, fewer people came to the store for categories such as gardening and watering," Craig said on the same call as Hicks.
The company's quarter was"better than expected despite the challenging backdrop" and"underscores the reasonably defensive nature" of Canadian Tire's retail operations, she told clients in a note.
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