Posted 2/15/2024, 12:33:52 PM
Canadian Tire Profit Plunges 68% as Consumers Pull Back Spending
- Canadian Tire reports 68% drop in Q4 profit due to weak consumer spending and mild winter weather
- Sales and traffic fell across retail banners, even with deeper discounts
- Credit card delinquencies rose 30% in 2023, signaling financial strain on consumers
- Company continues to pull back on spending, slowing down 'Better Connected' growth strategy
- CEO expects challenging economic environment through at least the first half of 2023
