Canadian Tire lays off 3% of full-time employees, misses profit estimates
© Reuters. FILE PHOTO: The Canadian Tire logo is seen in Ottawa, Ontario, Canada, February 14, 2019. REUTERS/Chris Wattie/File Photo/File Photo -Canadian Tire said on Thursday it had laid off 3% of its full-time employees, in an effort to lower costs amid slowing demand due to persisting inflation.
Canadian Tire said it expects an annualized run-rate savings of about C$50 million as a result of the headcount reduction. But it also expects to take a charge of between C$20.0 million and C$25.0 million in the fourth quarter in relation to these actions. It also reported a 1.6% drop in consolidated comparable sales as customers continue to shift to essentials and cut back on purchasing discretionary items such as athletic footwear and clothing.
It, however, beat third-quarter revenue expectations, as well as announced an additional C$200.0 million share repurchase program.
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