Helly Hansen, the Norwegian ski and outdoor brand owned by Canadian Tire, generated an 8.4 percent sales increase to C$170.9 million (€130.0m) against C$157.6 million for the three months ended Sept. 30. Helly Hansen’s nine-month sales are up 21.7 percent to C$480.1 million (€365.2m) from C$394.5 million with growth across all channels and most geographies with the largest increase in North America. Brand sales outside Canada rose 4.1 percent in Q3 to C$150.9 million (€114.8m) from C$145.0 million and were 18.6 percent year-over-year through nine months at C$435.8 million (€331.5m). The brand’s decision to exit the Russian market cost C$36.5 million (€27.8m), according to a Canadian Tire public filing.
Sport Chek, the 375-door, Canadian Tire’s full-line retail chain, improved its sales per sq. ft. to C$335 from C$310 and third quarter revenues by 2.8 percent to C$576.4 million (€438.5m) from C$560.6 million for the period ended Oct. 1. But comparable store sales declined 1.0 percent against a difficult year-ago comparison of +11.2 percent when there was a strong demand for athletic apparel and footwear.
According to Canadian Tire senior executives, the company’s retail arm experienced softening consumer demand for non-essential merchandise, with more customers showing price sensitivity. Within the sporting goods segment, demand for exercise equipment slowed as sales of bikes and backyard games, in demand during the pandemic, slipped 30 percent during the quarter.
