Canadian Tire sees 400% increase in ecommerce but records second quarter loss

Canadian Tire sees 400% increase in ecommerce but records second quarter loss

• The company recorded online sales up 400% to C$600 million, beating the entire total ecommerce sales for all of 2019
• Canadian Tire also recorded increased retail sales for the second quarter of this year, up 1.7% to nearly C$4.4 million. Excluding petroleum sales, overall retail sales rose 9.3%
• Despite this though, the company suffered a C$20 million loss for this quarter, attributed to the direct impact of Covid-19 on the retail industry.

Source : https://www.theglobeandmail.com/business/article-canadian-tire-posts-loss-as-pandemic-closures-offset-gains-online-and/