- Canadian Tire (TSX:CTC) has reported its Q3 2023 results, noting it has cut 3 per cent of its corporate staff
- The company said the layoffs come as a response to softer consumer demand
- The job cuts represents about 200 of its corporate staff
- Shares of Canadian Tire are unchanged at C$264.94
Canadian Tire (TSX:CTC) has cut 3 per cent of its corporate staff, the company noted in its Q3 2023 results.
In a news release, the company stated the layoffs come as a response to softer consumer demand.
“The company expects a decrease of 3 per cent in full-time equivalent (FTE) employees as a result of targeted headcount reductions in Q4,” Canadian Tire said in a statement.
Quarterly sales from its company brands, including Sportchek and Mark’s were down 7.4 per cent and up 0.2 per cent respectively.
Canadian Tire said the cuts will cost the company roughly $25 million in the short term, but will lead to $50 million in savings in the long term.
“Against softening consumer demand, our Q3 results show the continued resilience, relevance, and underlying strength of our business as we leveraged loyalty and prioritized essential categories within our multi-category assortment,” Greg Hicks, CEO of Canadian Tire, said in a statement. “We remain focused on driving value for our customers as we head into the important fourth quarter.”
Canadian Tire operates a wide range of brands including Canadian Tire Gas, Mark’s, PartSource, Helly Hensen, Party City in Canada and various SportChek banners.
Shares of Canadian Tire Corp. are unchanged at C$264.94.
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