Canadian Tire to lay off 3% of full-time employees, misses profit estimates

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Hooked on Afishianado Smoked Salmon: Taste of Nova Scotia's Product of the Year | SaltWire - Canadian Tire said on Thursday it would lay off 3% of its full-time employees, in an effort to lower costs amid slowing demand due to persisting inflation.

Canadian Tire said it expects an annualized run-rate savings of about C$50 million as a result of the headcount reduction. But it also expects to take a charge of between C$20.0 million and C$25.0 million in the fourth quarter in relation to these actions. It also reported a 1.6% drop in consolidated comparable sales as customers continue to shift to essentials and cut back on purchasing discretionary items such as athletic footwear and clothing.

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