Canadian Tire earnings fall on higher retail sales

Canadian Tire Store SignCanadian Tire Corp. reported Q3 earnings of $3.97 per share, down from $4.84 a year earlier. Net income attributable to shareholders was C$243.7 million, compared to $296.3 million in 2020. Adjusted earnings of $4.20 per share missed analyst estimates of $4.32 per share. Revenues declined to $3.91 billion from $3.99 billion.

Retail sales however rose to $4.6 billion from $4.41 billion. Comp sales in the Canadian Tire Retail division grew by 1.4 percent, following the 25.1 percent surge from the lockdown effect in Q3 of 2020.