Canadian Tire posts Q2 loss

TORONTO — Canadian Tire Corp. posted a net Q2 loss of $20 million, or $0.33 per share, compared to earnings of $177.4 million ($2.87) reported a year ago. Strong sales online and under the Canadian Tire banner made for an overall retail sales gain of 1.7 percent to nearly $4.4 billion. Public health measures obliged the company to shutter its Mark’s, Helly Hansen and SportChek stores, while Canadian Tire stores in Ontario, making up 40 percent of CTC’s store network, were closed for most of April. Revenues fell by 14.2 percent to some $3.2 billion as franchisees cut orders amid the uncertainty of the pandemic. Yet the company underscored that revenues have been on the rise since stores reopened, climbing by 24 percent in June.