Canadian Tire quarterly results beat on online sales boom

(Reuters) - Canadian Tire Corp Ltd CTCa.TO reported better-than-expected quarterly results on Thursday, as customers bought more tools, kitchenware and gardening products online during the COVID-19 crisis.

With many customers staying indoors due to the pandemic, e-commerce has boomed this year as people order everything from furniture to food supplies and electronic gadgets online.

Canadian Tire said its online sales rose more than two-fold in the third quarter.

The automotive, home and sporting goods retailer also benefited from the reopening of its 203 Ontario stores, which helped drive same-store sales 18.9% higher.

The company’s revenue rose to C$3.99 billion ($3.04 billion)from C$3.64 billion, beating analysts’ estimates of C$3.82 billion, Refinitiv IBES data showed.

Excluding one-time items, Canadian Tire earned a profit of C$4.93 per share, compared with expectations of C$3.73 per share.

Reporting by Mehr Bedi in Bengaluru; Editing by Aditya Soni