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Classified in: Business, Covid-19 virus
Subject: ERN

Canadian Tire Corporation Reports Second Quarter 2020 Results


Delivered Retail Sales Growth of 9.3%
eCommerce Sales Surged 400%

TORONTO, Aug. 6, 2020 /CNW/ - Canadian Tire Corporation, Limited (TSX:CTC) (TSX: CTC.A) today released its second quarter results for the period ended June 27, 2020.

Canadian Tire Retail store in Edmonton, Alberta, Canada (CNW Group/CANADIAN TIRE CORPORATION, LIMITED)

"This quarter we drove extraordinary retail sales growth, particularly at our core Canadian Tire Retail (CTR) banner, further reinforcing the relevancy of our unique, multi-category assortment to our customers," said Greg Hicks, President and CEO, Canadian Tire Corporation. "With a significant percentage of our store network closed for much of the quarter, customers turned to our online platforms and we saw eCommerce sales surge across all banners by 400%. Our strong results in CTR clearly demonstrate the advantage of our Dealer model and our ability to quickly adapt to local market and customer needs."

"We continue to fulfill our deep-rooted purpose of being there for life in Canada, no matter what life may look like. I am incredibly proud of the contributions of our dedicated frontline store, distribution centre and contact centre employees, as well as our Associate Dealers, who place the customer at the heart of everything we do," Hicks continued.

HIGHLIGHTS

CONSOLIDATED OVERVIEW

RETAIL OVERVIEW

CT REIT OVERVIEW

FINANCIAL SERVICES OVERVIEW

CAPITAL EXPENDITURES

QUARTERLY DIVIDEND

SHARE REPURCHASE

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 quarters ended March 28, 2020 and June 27, 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 August 6, 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.

To view a PDF version of Canadian Tire Corporation's full quarterly earnings report please see: https://mma.prnewswire.com/media/1224788/CTC_MDA_and_FS___Q2_2020___combined_ID_82779ac48317.pdf

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, jane.shaw@cantire.com  
Investors: Lisa Greatrix, (416) 480-8725, lisa.greatrix@cantire.com 

hl1Canadian Tire Corporation Reports Second Quarter 2020 Results (CNW Group/CANADIAN TIRE CORPORATION, LIMITED)

SOURCE CANADIAN TIRE CORPORATION, LIMITED


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News published on 6 august 2020 at 05:45 and distributed by: