(Reuters) – 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 company’s online sales more than tripled in the quarter ended April 3.
The Toronto, Ontario-based retail chain’s revenue rose to C$3.32 billion ($2.74 billion) from C$2.85 billion a year earlier, beating analysts’ average estimate of C$2.92 billion, according to Refinitiv IBES data.
The automotive, home and sporting goods retailer posted net income of C$186.4 million, or C$2.47 per share, compared with an income of C$12.2 million, or a loss of 22 Canadian cents per share, a year earlier.
($1 = 1.2131 Canadian dollars)
(Reporting by Mehr Bedi in Bengaluru; Editing by Shinjini Ganguli)
