"The increased cost of living combined with higher interest rates has created a period of hesitation among Canadian consumers," president and CEO
"This has had an obvious impact on our operations," he added.
The retailer on Thursday reported its first-quarter profit rose compared with a year ago even as its revenue fell about five per cent. Its net income attributable to shareholders totalled
The result was up from a profit of
Revenue for the quarter totalled
Consolidated comparable sales fell 1.6 per cent as fewer people shopped at retail stores amid high interest rates and inflationary pressures.
Same-store sales at
Mark's and SportChek same-store sales also fell, in line with overall consumer sentiments on discretionary spending.
At Mark's comparable sales were down 1.2 per cent, while SportChek dropped 6.5 per cent in same-store sales.
Hicks said potential interest rate cuts "could foster stability, easing uncertainties in our business operations."
The
This report by The Canadian Press was first published
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