May 20/21 12:03 pm - Canadian Tire Reports Huge Surge in Bike Sales

Posted by Editor on 05/20/21
 

Last week, Canadian Tire reported its first quarter results for 2021, and retail sales for its Canadian Tire, Mark's and SportChek stores grew 17.8% / $408.1 million, excluding petroleum sales, from a year ago. The company said that one of the main drivers for Canadian Tire and SportChek was Cycling, with CEO Greg Hicks stating during an earnings call with press that the cycling category was up over $50 million from last year.

He said that the company was able to capitalize on its access to bikes, when many others were struggling. In a Canadian Press report, Hicks stated, "With an early start to spring in many parts of Canada, customers quickly shifted to thinking about outdoor sports equipment for spring and summer, outdoor living and bikes. Our ability to reliably source stock and assemble bikes puts them within easy reach of customers. This is proving to be a differentiator for us in the market."