Canadian Tire Corp. reports that Helly Hansen booked a 7.3 percent sales decline in the first quarter ended on March 28, largely due to the sharp decline of the Norwegian kroner against the U.S. dollar, which led to a foreign currency loss of $7.0 million for the Canadian group. In constant currencies, Helly Hansen actually grew by 0.6 percent. Investors were told that Helly Hansen lost momentum in the last weeks of the quarter as increasingly stricter physical distancing measures in Europe and North America “paralyzed” it. Across the group, which bought Helly Hansen two years ago and is the biggest sporting goods retailer in Canada through various banners, consolidated sales declined by 2.7 percent to $2.76 billion, leading to a net loss of $12.2 million, 87.5 percent below the level of the year-ago period.
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