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Canadian Tire Corporation Reports Second Quarter 2020 Results
Canadian Tire Corporation Reports Second Quarter 2020 Results Canada NewsWire TO...
About this update from Canadian Tire Corporation, Limited
[{"type":"text","content":"\n\n\n\nCanadian Tire Corporation Reports Second Quarter 2020 Results\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Aug. 6, 2020\n\n\n\n\n Delivered Retail Sales Growth of 9.3% eCommerce Sales Surged 400% \n TORONTO, Aug. 6, 2020 /CNW/ - Canadian Tire Corporation, Limited (TSX:CTC) (TSX: CTC.A) today released its second quarter results for the period ended June 27, 2020.\n\n\"This quarter we drove extraordinary retail sales growth, particularly at our core Canadian Tire Retail (CTR) banner, further reinforcing the relevancy of our unique, multi-category assortment to our customers,\" said Greg Hicks, President and CEO, Canadian Tire Corporation. \"With a significant percentage of our store network closed for much of the quarter, customers turned to our online platforms and we saw eCommerce sales surge across all banners by 400%. Our strong results in CTR clearly demonstrate the advantage of our Dealer model and our ability to quickly adapt to local market and customer needs.\"\n\"We continue to fulfill our deep-rooted purpose of being there for life in Canada, no matter what life may look like. I am incredibly proud of the contributions of our dedicated frontline store, distribution centre and contact centre employees, as well as our Associate Dealers, who place the customer at the heart of everything we do,\" Hicks continued.\nHIGHLIGHTS\nCTC delivered exceptional retail sales growth of 9.3% (excluding Petroleum) in the quarter, despite approximately 80% of its total store network operating under closures and restrictions for much of the quarter CTR delivered record performance of 20.3% retail sales growth, an increase of almost $600 million, despite temporary store closures in Ontario, which account for 40% of the network Sales performance at CTR steadily improved throughout the quarter, moving from a decline of 1.8% in April, to growth of 25% in May and 38% in June In June, SportChek and Mark's experienced retail sales growth of 3.2% and 3.4%, respectively. Due to store closures, these banners saw ret...