Toronto home sales increased in July as prices continue steady decline
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A real estate sign showing homes for sale is seen in Montreal on Monday, March 24, 2025. THE CANADIAN PRESS/Christinne Muschi
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P.E.I. renews funding agreement to create more diversity in trades, technology jobs
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Calgary Herald
34 minutes ago
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Canadian Tire CEO says patriotism drove sales in nation furious at Trump
Article content Big-box retailer Canadian Tire Corp. said retail sales jumped 6.4% at its main banner in the second quarter, with more shoppers going to its stores as part of a 'Buy Canada' wave. Article content Some Canadian consumers have been boycotting or reducing their business with U.S. companies as part of a backlash to President Donald Trump's trade war. Canadian-owned retail outlets have used advertising and signs to wrap themselves in the maple leaf or make it easier for customers to find Canadian products on store shelves. Article content Article content The Toronto-based company's largest business is about 670 Canadian Tire stores, which sell auto parts, tools, gardening equipment and other hard goods. It also owns the SportChek and Mark's banners, which sell sporting goods and clothing, along with a chain of gas stations and a financial division. Article content Overall revenue was up 5.2% to C$4.2 billion ($3.1 billion), beating the C$4.1 billion average estimate by analysts in a Bloomberg survey. But adjusted earnings of C$3.57 per share fell short of the estimated C$3.93. Article content The shares were down more than 6% as of 10:19 a.m. in Toronto to C$173.35. Article content Executives said they believe consumer spending is holding up well in Canada, and they're monitoring patterns in stores in southern Ontario, a manufacturing region that has been hit harder by the tariff battle with the U.S. Article content Article content Canada is one of the only countries to retaliate against Trump's tariffs with its own counter-tariffs, which have been applied to tools, sports equipment and other products that are important lines for Canadian Tire. Article content Article content In February, shortly after Trump signed his first executive orders on tariffs, Hicks said the retailer has alternative suppliers for all products that originate from the U.S., and at least a quarter could be sourced within Canada. The company would have to look overseas, however, for certain auto parts. Article content Retail gross margin, excluding petroleum, declined by 0.9 percentage points to 34.8%, partly because of inventory the company bought in the first quarter when the Canadian dollar was weak.
