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Summary
- Canadian Tire stocks took off on Thursday after the retail chain published its latest financials for year 2020 and its last quarter earlier in the day.
- Canadian Tire’s e-commerce sales galloped by a whopping 142 per cent year-over-year (YoY) in Q4 2020 ending 2 January 2021.
- On an annual level, the Toronto-based retailer saw its e-commerce sales rocket by 183 per cent YoY to C$ 1.6 billion in 2020.
Canadian Tire Corporation (TSX:CTC.A) began Thursday morning, February 18, with a jump in its stock price, up by roughly two per cent at the time of writing this (10AM EST). The stocks took off after the retail chain published its latest financials for year 2020 and its last quarter earlier in the day.
Let’s take a glance at Canadian Tire’s financial results before we head over to its recent stock performance.
Canadian Tire Corporation Q4 2020 & Full-Year 2020 Financials – Key Highlights
The retail company, which started out as a tire seller in the 1920s, presently offers a wide range of products at its stores, including sporting equipment, automotive parts, accessories, hardware, fuel, etc.
Amid the rising trend of pandemic-fueled online shopping, Canadian Tire’s e-commerce sales galloped by a whopping 142 per cent year-over-year (YoY) in Q4 2020 ending 2 January 2021. Its penetration rate more than doubled in the latest quarter as compared to its 2019 levels, while digital footprint across its retail banners grew by nearly 50 per cent, the company pointed.
©Kalkine Group 2021
Canadian Tire noted in its financial results that its “strong” omni-channel performance in the fourth quarter of 2020 saw its comparable sales jump by 12.8 per cent YoY.
On an annual level, the Toronto-based retailer saw its e-commerce sales rocket by 183 per cent YoY to C$ 1.6 billion in 2020, with its click-through rate growing by over 250 per cent.
Canadian Tire’s consolidated revenue expanded by 12.9 per cent YoY in Q4 2020, and by 2.3 per cent YoY for 2020. Its net income stood at C$ 521.8 million in Q4 2020.
Canadian Tire Corporation Limited (TSX:CTC.A) Stock Performance
Canadian Tire stocks grew by nearly eight per cent in February to date and by about 20 per cent in the past year. The retail chain pays a quarterly dividend of C$ 1.175 per share, which reflects a dividend yield of 2.26 per cent at the moment (as per TMX data).
