UPDATE 1-Retailer Canadian Tire misses quarterly revenue estimates as demand falls
Adds details, background
Nov 11 (Reuters) - Retailer Canadian Tire Corp Ltd CDNAF missed market expectations for quarterly revenue on Thursday, as demand for home furnishings and gardening tools receded from its pandemic peak.
Demand for fitness equipment and other home-related items soared during the COVID-19 pandemic, as stuck-at-home consumers took up new hobbies and revamped their living spaces to stay entertained indoors.
As travel restrictions eased, however, Canadians are now redirecting their attention back to social events and outdoor activities and spending less on home supplies.
The company's revenue fell 1.8% to C$3.91 billion ($3.11 billion) in the third quarter ended Oct. 2, missing analysts' estimate of C$3.97 billion, according to Refinitiv IBES.
Net income fell to C$279.5 million, or C$3.97 per share, in the third quarter, from C$326.3 million, or C$4.84 per share, a year earlier.
($1 = 1.2562 Canadian dollars)
(Reporting by Deborah Sophia in Bengaluru; Editing by Krishna Chandra Eluri)