Canadian Tire names new CEO, posts robust same-store sales growth

Canadian Tire reported a strong second quarter on Thursday, and also announced the appointment of a veteran executive to lead the company in an era of continuing fierce competition and thrift-minded shoppers.

Michael Medline, president, will take over as chief executive officer from Stephen Wetmore on Dec. 1.

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Canadian Tires Quarterly Results

Canadian Tire Releases Q3 Earnings Report

"Retail sales increased 3.1 per cent in the quarter reflecting strong sales results across 

all retail banners reflecting in part, a positive customer response to new assortments at 

CTR, Mark’s and FGL Sports banners and higher gas prices at Petroleum. 

 

CTR retail sales increased 2.8 per cent in the quarter (2.0 per cent same store sales 

increase) led by strong sales performances in automotive, seasonal and kitchen 

products. In Automotive, service centre sales were strong with increases in labour 

related to hard parts installations, maintenance work, diagnostics and other inspections. 

Sales in the light auto parts and auto maintenance categories also increased during the 

quarter. Sales in key seasonal categories largely increased due to demand for power 

generation products in Calgary and Ontario, outdoor tools products and the new 

assortment related to the continued rollout of Hunting and Fishing Pro Shops. 

 

FGL Sports’ retail sales reflect strong sales performances across all the retail banners, 

particularly under the Sport Chek banner where same store sales increased 9.1 per 

cent reflecting strong sales in equipment, apparel and footwear, particularly in casual 

clothing due to the inclusion of new national brands and a positive customer response 

to running and training footwear assortments. Retail sales also included seven weeks 

of PHL results from the date of acquisition to the end of the quarter. Offsetting the 

positive sales performance was the net impact of over 50 fewer stores as a result of the 

banner rationalization initiative which was completed at the end of Q1 2013. 

 

At Mark’s, retail sales growth of 4.7 per cent (4.3 per cent same store sales) was driven 

by increased men’s industrial apparel and accessories sales as well as strong industrial 

footwear sales."

The report can be viewed in its entirety here.

Canadian Tire Launches First Small Urban Store in Toronto

The first 6,100-square foot outlet opens this week on a busy midtown Toronto street corner at 607 Danforth Ave, offering about a quarter of the goods available at the chain’s biggest stores, but at less than a tenth of the size.

The new Express store, one of four to six opening across the country by the end of 2014 in a pilot project, debuts as a glut of retailers seeks to penetrate urban spaces in Canada with small-footprint locations, including Sobeys, Loblaw and Best Buy. If the Express stores resonate with consumers over the next 12 to 18 months, Canadian Tire will roll the format out across the country.

Financial Post

Globe and Mail

Canadian Tire Q1 Results

Canadian Tire Corporation "On Offence" Announces its intention to create a $3.5 billion real estate investment trust with initial public offering later this year. Appoints Allan MacDonald as new head of Canadian Tire Retail. Q1 Same Store Sales: Canadian Tire Retail: -2.4%, FGL Sports +8.8%, Mark's retail sales growth +1.5%, Canadian Tire Petroleum (Tot$) +3.7%

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