Canadian Tire Sports Business Falters in Q2
FGL Sports revenue declined 2% to C$441.2 million ($341.8 mm) from C$449.6 million in the second quarter and comp store sales dipped 0.3% against a positive 2.6% comp last year. Sales per square foot improved to C$298 from C$297 but increased supply chain costs, notably higher shipping from the U.S., impacted gross margin. The quarter got off to a slow start due to the frigid weather in April, but rebounded nicely in May and June. A poor showing by the Canadian teams in the Stanley Cup playoffs pulled down licensed apparel sales, though the World Cup provided some positive offset. ... Log in to view full article.