Canadian Tire reports strong second quarter 2025 results
Canadian Tire Corporation reported strong second quarter results for this year, posting retail revenue up by 5.3% and consolidated comparable sales growth of 5.6%, led by Canadian Tire Retail (CTR) which posted a 6.4% increase.
"In Q2, Canadians came to us for the great seasonal products and value they were seeking, driving strong sales and revenue growth. In a dynamic consumer environment, customers continued to turn to us for the items they need for life in Canada," said Greg Hicks, president and CEO, Canadian Tire Corporation. "Our True North strategy is underway and moving at pace. Since March, we have rolled out new store concepts, invested in transformative technology, expanded Triangle Rewards loyalty partnerships, and secured the considerable privilege of stewarding HBC's great Canadian brands forward. Our team is committed to our Canadian prosperity, and I celebrate their efforts."
Canadian Tire in its results said SportChek delivered its fourth consecutive quarter of comparable sales growth, up 3.9%, driven by sales of footwear and hardgoods categories, such as golf. Mark's comparable sales were up 1.0%. Industrial footwear and workwear categories grew, partially offset by softer casualwear and outerwear sales.
Loyalty sales outpaced non-loyalty sales growth in the quarter.
READ: Canadian Tire Q1 profit down from year ago due to restructuring costs
During Q1 2025, Canadian Tire launched its True North transformative growth strategy, designed to drive core retail growth through four strategic cornerstones: disciplined capital investments in digital and store experiences; an expanded Triangle Rewards loyalty system; more personalized and data-driven customer relationships; and a more agile, tech-driven and efficient operating company.
At the end of June, 21 of the 54 store enhancement projects planned for 2025 had been completed across eight provinces and territories, with store enhancement representing approximately $116 million of operating capital expenditure in the first half. Projects completed included: 14 Canadian Tire store refreshes, including a store relocation in Kingston, Ontario; five Mark's store refreshes, including its ninth Bigger, Better, Bolder store in Ancaster, Ontario; SportChek's second Destination Sport store in Toronto, Ontario; and an extension of its PHL presence into Saskatchewan, with the opening of a new store in Regina.
Triangle Rewards remains on track, with the expected launch of loyalty partnerships with RBC (announced in March 2025) and WestJet (announced in May 2025) by the first half of 2026.
