Canada NewsWire
TORONTO, May 7, 2020
Strong retail fundamentals and eCommerce growth underlie performance in the quarter
Company well-positioned to compete for the long-term
TORONTO, May 7, 2020 /CNW/ - Canadian Tire Corporation, Limited (TSX:CTC, TSX: CTC.A) today released its first quarter results for the period ended March 28, 2020.
"A company's true values take over at a time like this. For CTC, this means being there for Canadians no matter what challenges they face. For close to a century, we have risen to the challenge of an ever-changing retail landscape and this time will be no different. We are a resilient Company, built on a unique business model, supported by a strong Associate Dealer network, a multi-category assortment, our iconic Triangle Loyalty program and a proven Financial Services business," said Greg Hicks, President and CEO, Canadian Tire Corporation. "I am incredibly proud of how quickly we adapted and all that we have accomplished over the past several weeks, including the contributions of our Associate Dealers and our brave frontline workers."
"To date we have seen a quantum leap in our eCommerce performance across all of our banners and we have accelerated our planned investments in our digital capabilities to meet our customers' increased desire to shop online. I am very encouraged by early results in the second quarter, and I am confident that we will continue to successfully operate in this new normal and excel over the long-term," continued Hicks.
HIGHLIGHTS
CONSOLIDATED OVERVIEW
RETAIL OVERVIEW
CT REIT OVERVIEW
FINANCIAL SERVICES OVERVIEW
FINANCIAL ASPIRATIONS
CAPITAL EXPENDITURES
QUARTERLY DIVIDEND
SHARE REPURCHASE
NORMAL COURSE ISSUER BID
To view a PDF version of Canadian Tire Corporation's full quarterly earnings report please see: https://mma.prnewswire.com/media/1165089/CANADIAN_TIRE_CORPORATION__LIMITED_Canadian_Tire_Corporation_Rep.pdf
FORWARD-LOOKING STATEMENTS
Certain statements made in this press release may constitute forward-looking information under applicable securities laws. These statements are being provided for the purposes of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of our anticipated financial position, results of operations and operating environment. Readers are cautioned that such information may not be appropriate for other purposes. Although CTC believes that the forward-looking information in this press release is based on information, assumptions and beliefs which are current, reasonable and complete, this information is necessarily subject to a number of factors, risks and uncertainties, including as a result of the outbreak of COVID-19, that could cause actual results to differ materially from management's expectations and plans as set forth in such forward-looking information. For more information on the risks, uncertainties and assumptions that could cause the CTC's actual results to differ from current expectations, refer to section 2.8 (Risk Factors) of our Annual Information Form for fiscal 2019 and to section 10 (Key Risks and Risk Management) of our Management's Discussion and Analysis for the quarter ended March 28, 2020, as well as CTC's other public filings, available at www.sedar.com and at https://investors.canadiantire.ca. CTC does not undertake to update any forward-looking information, whether written or oral, that may be made from time to time by it or on its behalf, to reflect new information, future events or otherwise, except as is required by applicable securities laws.
CONFERENCE CALL
Canadian Tire will conduct a conference call to discuss information included in this news release and related matters at 8:00 a.m. ET on May 7, 2020. The conference call will be available simultaneously and in its entirety to all interested investors and the news media through a webcast at https://investors.canadiantire.ca and will be available through replay at this website for 12 months.
ABOUT CANADIAN TIRE CORPORATION
Canadian Tire Corporation, Limited, (TSX: CTC.A) (TSX: CTC) or "CTC", is a family of businesses that includes a Retail segment, a Financial Services division and CT REIT. Our retail business is led by Canadian Tire, which was founded in 1922 and provides Canadians with products for life in Canada across its Living, Playing, Fixing, Automotive and Seasonal & Gardening divisions. Party City, PartSource and Gas+ are key parts of the Canadian Tire network. The Retail segment also includes Mark's, a leading source for casual and industrial wear; Pro Hockey Life, a hockey specialty store catering to elite players; and SportChek, Hockey Experts, Sports Experts, National Sports, Intersport and Atmosphere, which offer the best active wear brands. The more than 1,740 retail and gasoline outlets are supported and strengthened by CTC's Financial Services division and the tens of thousands of people employed across Canada and around the world by CTC and its local dealers, franchisees and petroleum retailers. In addition, CTC owns and operates Helly Hansen, a leading global brand in sportswear and workwear based in Oslo, Norway. For more information, visit Corp.CanadianTire.ca.
FOR MORE INFORMATION
Media: Jane Shaw, (416) 480-8581, [email protected]
Investors: Lisa Greatrix, (416) 480-8725, [email protected]
SOURCE CANADIAN TIRE CORPORATION, LIMITED
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