The COVID-19 pandemic has devastated many businesses that aren’t grocery stores or cycling shops.
That devastation is continuing with local restrictions, especially with restaurants. But some Burnaby businesses are on the rebound.
Canadian Tire Corp. Ltd., which operates store in South Burnaby in the Market Crossing shopping centre, reported a first-quarter profit compared with a loss a year ago as its revenue climbed more than 10 per cent.
A good reason why the numbers could be going up is due to more people wanting to purchase outdoor supplies due to indoor restrictions.
The retailer says its profit attributable to shareholders totalled $151.8 million or $2.47 per diluted share for the quarter ended April 3.
The result compared with a loss of $13.3 million or 22 cents per share for the same period a year earlier.
Revenue for the quarter was $3.32 billion, up from $2.85 billion in the first quarter of 2020.
Retail sales at its Canadian Tire banner were up 20.1 per cent, while SportChek sales were up 10 per cent. Retail sales at its Mark's banner were up 13.7 per cent.
On a normalized basis, Canadian Tire says it earned $2.57 per diluted share for the quarter compared with a loss of 13 cents per share a year ago.
- With additional reporting by the Canadian Press
