Canadian Tire Corp. Ltd. CTC-T profits fell by more than 30 per cent in the second quarter even amid increased sales, as the company incurred costs related to an operational efficiency program and to pulling its Helly Hansen business out of Russia, and hiked its expected credit loss provision for loans in its financial services segment.
The Toronto-based retailer reported net income attributable to shareholders of $145.2-million or $2.45 per share in the 13 weeks ended July 2, compared to $259.1-million or $3.68 per share in the same period the prior year.
Excluding efficiency costs and $33.4-million related to the Russia exit, the company said normalized net income attributable to shareholders was $185.8-million or $3.11 per share.
Canadian Tire said that demand for its products remains healthy, even in an inflationary environment. Shoppers have been returning to physical stores in…