Canadian Tire Corp. Ltd. executives are seeing early signs that consumers could soon ease up on the careful shopping habits they adopted to cope with inflation, but their outlook on the economy is still far from rosy.
Tara Deschamps, The Canadian PressMarty Weintraub, national retail leader of Deloitte joins BNN Bloomberg for an outlook on Canadian holiday spending.
That lack of confidence, he added, is not unique to a specific shopper cohort or household income range because over the past five quarters, spending has declined across every segment. The unemployment rate is his biggest worry. Job growth just isn’t keeping pace with population growth, he said, “so even with the rate cuts, there’s still a wide swath of Canadians that are really struggling right now and it’s going to take some time for the easing cycle to affect consumption.”
On a normalized basis, Canadian Tire said it earned $3.59 per diluted share for the period ended Sept. 28 compared with a normalized profit of $2.96 per diluted share a year earlier.
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