Retailer Canadian Tire on Thursday reported lower profits and higher revenue for the third quarter of 2022 compared to the same quarter last year.
The Company’s net income decreased to $225 million for the quarter ended October 1, 2022 from $279.5 million for the third quarter of 2021, a decrease of 20%.
Net income attributable to shareholders also decreased year-over-year to $184.9 million, or $3.34 per diluted share, in the third quarter of 2022 from $243.7 million, or $4.20 per diluted share shares in the previous year.
According to the company, these declines are primarily due to increased transportation costs and inflation hitting consumers.
Canadian Tire revenue increased 8.1% to $4.22 billion from $3.91 billion in the third quarter of 2021.
“During the third quarter, we were successful in attracting customers who participate in our loyalty program, resulting in higher spend per Triangle member. Loyalty program sales have grown faster than non-member sales and we expect this trend to continue,” said Greg Hicks, president and CEO of Canadian Tire Corporation, via press release.