Canada NewsWire
TORONTO, Nov. 7, 2019
TORONTO, Nov. 7, 2019 /CNW/ - Canadian Tire Corporation, Limited (TSX:CTC, TSX:CTC.A) today released third quarter results for the period ended September 28, 2019.
"Our business is performing well and as one of Canada's largest eCommerce retailers, having generated more than $500 million in sales in the last 12 months, we are exceptionally well-positioned as we head into our customers' biggest spending season," said Stephen Wetmore, President and CEO, Canadian Tire Corporation. "Operating as One Company across our multiple banners focused on serving One Customer has driven significant investments in our loyalty program, organizational structure and our data and digital infrastructure. We have been confidently focused on securing CTC's long-term competitive positioning. Our ability to operate as One Company, having built the foundation supporting the most critical parts of our strategy, now positions us to focus on our Operational Efficiency program. I am pleased to announce that we have set our target at $200+ million in annualized savings by 2022."
"We are also announcing our eleventh dividend increase in ten years and the continuation of our share repurchase program, now in its eighth consecutive year, both of which are further evidence of our ongoing investment in our Company and confidence in its long-term growth," continued Wetmore.
CONSOLIDATED OVERVIEW
RETAIL OVERVIEW
CT REIT OVERVIEW
FINANCIAL SERVICES OVERVIEW
CAPITAL EXPENDITURES
DIVIDEND
SHARE REPURCHASE
To view a PDF version of Canadian Tire Corporation's full quarterly earnings report please see: https://mma.prnewswire.com/media/1024808/CANADIAN_TIRE_CORPORATION__LIMITED_Canadian_Tire_Corporation_Del.pdf
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking information that reflects management's current expectations related to matters such as future financial performance and operating results of the Company. Forward-looking statements are 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.
Certain statements other than statements of historical facts included in this press release may constitute forward-looking information, including but not limited to, statements concerning the Company's Operational Efficiency program, including the targeted annualized savings, the Company's intention to repurchase Class A Non-Voting Shares in excess of the amount required for anti-dilutive purposes by the end of 2020 under the heading "Share Repurchase" and the Company's expectations with respect to its capital expenditures for fiscal 2019 and 2020 under the heading "Capital Expenditures".
By its very nature, forward-looking information requires us to make assumptions and is subject to inherent risks and uncertainties, which give rise to the possibility that the Company's assumptions, estimates, analyses, beliefs and opinions may not be correct and that the Company's expectations and plans will not be achieved. Management's expectations with respect to the Operational Efficiency program are based on a number of assumptions relating to anticipated cost savings and operational efficiencies. Although the Company 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 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 Company's actual results to differ from current expectations, refer to section 2.8 (Risk Factors) of our Annual Information Form for fiscal 2018 and to sections 7.2.4 (Retail Segment Business Risks), 7.3.2 (CT REIT segment business risks), 7.4.3 (Financial Services Segment Business Risks) and 12.0 (Risks and Risk Management) and all subsections thereunder of our Management's Discussion and Analysis for the year ended December 29, 2018, as well as the Company's other public filings, available at www.sedar.com and at https://investors.canadiantire.ca. For more information on the risks and uncertainties that could cause the Company's actual results to differ from management's expectations with respect to the Operational Efficiency program, refer to section 14.0 (Forward-Looking Statements and Other Investor Communication) of our Management's Discussion and Analysis for the period ended September 28, 2019 available at www.sedar.com and at https://investors.canadiantire.ca.
The forward-looking statements and information contained herein are based on certain factors and assumptions as of the date hereof and do not take into account the effect that transactions or non-recurring or other special items announced or occurring after the statements are made have on the Company's business. The Company 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 November 7, 2019. 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/English/investors/default.aspx.
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. 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; SportChek, Hockey Experts, Sports Experts, National Sports, Intersport and Atmosphere, which offer the best active wear brands; and Party City Canada, a leading, one-stop shopping destination for party supplies and seasonal celebrations. The more than 1,700 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 the Company 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.
SOURCE CANADIAN TIRE CORPORATION, LIMITED
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