Canadian Tire reports year-end sales drop

Canadian Tire Corp. reported its fourth-quarter and year-end results this morning, with revenue down 16.8 percent from Q4 2022 to $4.44 billion. Not including petroleum, revenue actually decreased by 17.8 percent. Consolidated comparable sales were down 6.8 percent. Retail sales fell 7.1 percent to $5.32 billion, down 7.1 percent.

For the full year, Canadian Tire’s consolidated retail sales were $18.50 billion, down 3.9 percent. Consolidated retail sales, excluding petroleum, decreased 3.1 percent and consolidated comp sales were down 2.9 percent.

(We’ll have more on Canadian Tire’s year-end in Monday’s eye-popping edition of our flagship publication, Hardlines Weekly Report. It’s exclusive to our Hardlines Premium Members!)