Canadian Tire sees cautious consumer spending drag down profits
The 101-year-old company said revenue in its second quarter fell three per cent to $4.26 billion from $4.40 billion the previous year. Normalized diluted earnings decreased to $3.08 per share from $3.11 per share, roughly in line with analyst expectations, according to financial markets data firm Refinitiv.
The target of four per cent average annual sales growth by 2025 is no longer appropriate, the company said. That forecast included four per cent average annual comparable consolidated sales growth, diluted earnings per share of at least $26 and retail return on invested capital of more than 15 per cent by 2025. But Canadian Tire cautioned investors at the time that risks to its financial aspirations included a “decline in economic growth, consumer confidence, household spending and other market disruptions.
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