Canada's main stock index rose on Thursday, supported by healthcare and consumer discretionary stocks, although energy stocks, tracking a more than 2% fall in crude oil prices, limited gains.
Canadian Tire revenue beats estimates on pandemic-led online surge By Syndicated Content
May 13, 2021 | 5:58 AM
(Reuters) â Retailer Canadian Tire Corp Ltd surpassed analyst estimates for first-quarter revenue on Thursday, helped by strong online demand for bikes, patio furniture and pool supplies from people stuck at home due to the COVID-19 crisis.
E-commerce has been booming despite accelerated vaccination efforts, as people are still afraid to walk the crowded aisles at stores and prefer ordering everything from furniture to food supplies and electronic gadgets online.
The companyâs online sales more than tripled in the quarter ended April 3.
The Toronto, Ontario-based retail chainâs revenue rose to C$3.32 billion ($2.74 billion) from C$2.85 billion a year earlier, beating analystsâ average estimate of C$2.92 billion, according to Refinitiv IBES data.
For the retailer, online sales are growing fast; last year online sales jumped 183 per cent for all its store brands and 250 per cent for its Canadian Tire chain