The second quarter "certainly presented some considerable challenges," said CEO
"It was, after all, our first full quarter operating in the eye of the pandemic."
He recalled saying during the previous quarterly call that the impact of the coronavirus on earnings would be more significant this quarter, "and this is, in fact, the case."
The company saw a net loss attributable to shareholders of
Revenue for the quarter ended
Analysts had expected net income of
Performance was hurt by a
Meanwhile, it closed 203 of its 504
Retail sales, excluding petroleum, for the quarter rose 9.3 per cent. At
Several factors accounted for this, said Hicks, including the temporary closures in
"Our
The lower orders were coupled with unprecedented and unpredictable demand for some products, such as bicycles, pools and outdoor furniture, said Hicks, adding customer demand far exceeded historical demand and available inventory.
The company's teams continue to work through the orders, he said, and shipments to stores are still catching up to sales.
"I am confident we are doing everything we can to close the gap as we progress through the balance of the year."
Although headwinds affected the company's quarterly earnings, Hicks said, "there is still a lot to like about this quarter."
He pointed to soaring e-commerce growth at the retailer. E-commerce sales grew 400 per cent in the second quarter, the company said, with 500 per cent growth at the
The company is also well-positioned to capitalize on a fundamental shift in consumer spending habits, he said, noting customers increasingly look for a one-stop shopping experience.
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