Canadian Tire says country on a spending spree – except in Alberta
In what’s become a theme, Canadian consumers almost everywhere are showing a surprising degree of confidence, driving impressive amounts of sales at stores, including those owned by Canadian Tire.
Everywhere, that is, except Alberta.
“It is clear that Alberta is going through hard times right now,” Michael Medline, chief executive of Canadian Tire, said on a conference call Thursday afternoon.
Dragged low by the crash in oil prices, the country’s heretofore economic workhorse is mired in a worsening slump that’s seen a chill creep into everything from truck sales to restaurant visits.
The latest provincial outlook from BMO Capital Markets this week suggests Alberta’s economy will shrink 1 per cent this year in a sharp reversal from a growth rate of 4.8 per cent in 2014—head and shoulders above other provinces.
“The slide in oil prices is having a significant negative impact,” BMO economist Robert Kavcic said.
Canadian Tire says country on a spending spree – except in Alberta - National | Globalnews.ca
In what’s become a theme, Canadian consumers almost everywhere are showing a surprising degree of confidence, driving impressive amounts of sales at stores, including those owned by Canadian Tire.
Everywhere, that is, except Alberta.
“It is clear that Alberta is going through hard times right now,” Michael Medline, chief executive of Canadian Tire, said on a conference call Thursday afternoon.
Dragged low by the crash in oil prices, the country’s heretofore economic workhorse is mired in a worsening slump that’s seen a chill creep into everything from truck sales to restaurant visits.
The latest provincial outlook from BMO Capital Markets this week suggests Alberta’s economy will shrink 1 per cent this year in a sharp reversal from a growth rate of 4.8 per cent in 2014—head and shoulders above other provinces.
“The slide in oil prices is having a significant negative impact,” BMO economist Robert Kavcic said.
Canadian Tire says country on a spending spree – except in Alberta - National | Globalnews.ca