(Toronto) Canadian Tire posted second-quarter net income attributable to shareholders of $99.4 million on Thursday, down 32% from $145.2 million a year ago.

Its quarterly revenue fell 3% to 4.26 billion.

Normalized diluted earnings per share were $3.08, compared to $3.11 a year ago, essentially in line with analysts’ expectations polled by Refinitiv.

Consolidated comparable sales increased by 0.1% following the 5% growth recorded in the second quarter of 2022.

Canadian Tire President and CEO Greg Hicks said in a statement that Canadian consumer demand for consumer discretionary goods has weakened “amid persistent inflation and continued price increases. rate “.

The release adds that, “Due to the slower pace of growth, and the noticeable slowdown in Retail segment sales in the second quarter of 2023, the Company is withdrawing its previously announced financial aspirations for the time being,” including a target average annual sales growth of 4%.

RBC analyst Irene Nattel said Canadian Tire’s quarterly results were better than expected, but warned that consumer timidity could continue to hurt the company.