Canadian Tire Corp. Ltd.'s latest quarterly report fell short of analyst expectations as it saw revenue fall amid COVID-19 related store closures.
A Canadian Tire store is shown in Levis, Que., Monday, May 9, 2011. THE CANADIAN PRESS/Jacques Boissinotfell short of analyst expectations as it saw revenue fall amid COVID-19 related store closures.
Revenue for the quarter ended June 27 totalled $3.16 billion, down from roughly $3.69 billion in the second quarter of last year. Meanwhile, it closed 203 of its 504 Canadian Tire locations on April 5. The closed stores, all located in Ontario, reopened on May 9. "Our Ontario dealers reduced their orders substantially," he said, noting shipments in the province dropped 26 per cent during the five-week closure.
"I am confident we are doing everything we can to close the gap as we progress through the balance of the year."
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