Investor Presentation - April 2015

Canadian Tire Corporation
Investor Presentation
April 2015
Forward looking information
This document 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 the Company’s financial position, results of operations and operating environment. Readers are cautioned that such information may not be appropriate for other circumstances.
All statements other than statements of historical facts included in this document may constitute forward-looking statements, including but not limited to, statements concerning Management's
expectations relating to possible or assumed future prospects and results, the Company’s strategic goals and priorities, its actions and the results of those actions and the economic and business
outlook for the Company. Often but not always, forward-looking statements can be identified by the use of forward-looking terminology such as "may", "will", "expect", "believe", "estimate", "plan",
"could", "should", "would", "outlook", "forecast", "anticipate", "foresee", "continue" or the negative of these terms or variations of them or similar terminology. Forward-looking statements are based on
the reasonable assumptions, estimates, analyses, beliefs and opinions of Management, made in light of its experience and perception of trends, current conditions and expected developments, as well
as other factors that Management believes to be relevant and reasonable at the date that such statements are made.
By their very nature, forward-looking statements require Management to make assumptions and are 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. Examples of Management’s beliefs, which may prove
to be incorrect include, but are not limited to, beliefs about the effectiveness of certain performance measures, beliefs about current and future competitive conditions and the Company’s position in the
competitive environment, beliefs about the Company’s core capabilities and beliefs regarding the availability of sufficient liquidity to meet the Company’s contractual obligations. Although the Company
believes that the forward-looking statements in this document are based on information, and assumptions and beliefs that are current, reasonable and complete, these statements are necessarily
subject to a number of factors that could cause actual results to differ materially from Management’s expectations and plans as set forth in such forward-looking statements for a variety of reasons.
Some of the factors – many of which are beyond the Company’s control and the effects of which can be difficult to predict – include: (a) credit, market, currency, operational, liquidity and funding risks,
including changes in economic conditions, interest rates or tax rates; (b) the ability of the Company to attract and retain high quality employees for all of its businesses, Dealers, Canadian Tire
Petroleum agents and Mark's Work Wearhouse and FGL Sports franchisees, as well as the Company’s financial arrangements with such parties; (c) the growth of certain business categories and
market segments and the willingness of customers to shop at its stores or acquire its financial products and services; (d) the Company’s margins and sales and those of its competitors; (e) the
changing consumer preferences toward e-commerce, online retailing and the introduction of new technologies; (f) risks and uncertainties relating to information management, technology, property
management and development, supply chain, product safety, changes in law, regulation, competition, seasonality, weather patterns, commodity price and business disruption, the Company’s
relationships with suppliers manufacturers, partners and other third parties, changes to existing accounting pronouncements, the risk of damage to the reputation of brands promoted by the Company
and the cost of store network expansion and retrofits; and (g) the Company’s capital structure, funding strategy, cost management programs and share price. Management cautions that the foregoing
list of important factors and assumptions is not exhaustive and other factors could also adversely affect the Company’s results. Investors and other readers are urged to consider the foregoing risks,
uncertainties, factors and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements.
For more information on the risks, uncertainties and assumptions that could cause the Company's actual results to differ from current expectations, please refer to the "Risk Factors" section of our
Annual Information Form for fiscal 2013 and our 2013 Management's Discussion and Analysis, as well as Canadian Tire's other public filings, available at www.sedar.com and at
www.corp.canadiantire.ca.
Forward-looking statements 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. For example, they do not include the effect of any dispositions, acquisitions, asset write downs or other charges announced or occurring after such statements are made.
The forward-looking statements and information contained herein are based on certain factors and assumptions as of the date hereof. The Company does not undertake to update any forward-looking
statements, 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, unless required by applicable securities laws.
Table of Contents
Investor Day Highlights………………………………………………………………….4
Creating Value for Shareholders………………………………………………….....5-6
Corporate Overview……………………………………………………………………..7
Financial Aspirations 2010 – 2014…………………………………………………….8
2015 Strategic Objectives….……………………………………………………….9-10
Our Retail Network Across Canada………………………………………………….11
Our Core Business is Retail…………………………………………………………..12
Canadian Tire.………………………………………………………………………..13
FGL Sports….………………………………………………………………………...14
Mark’s……….………………………………………………………………………...15
CT REIT……………………………………………………………………………….16
Canadian Tire Financial Services.………………………………..….….…………17
Delivering Solid Results.……………………………………..………..………………18
Returning Value to Shareholders.………………………………………………..19-20
Canadian Tire - A Strong Investment Proposition…………………………...……..21
2014 Results.…………………………………………………………………………...22
2014 Year-to-Date Highlights…..…………………………………………………..23
2015 Outlook……………………………………………………………………………24
2015 Outlook………………………………………………………….………………25
Three Year Financial Aspirations 2015 – 2017 .……………………………………26
3
Investor Day Highlights – October 9, 2014

Announced new three-year financial aspirations for 2015 to 2017 (refer to slide 24)

Outlined strategic priorities across enterprise



Provided key growth drivers in core business divisions including:

Successfully making a generational shift to reaching younger families at Canadian Tire

Growing Sport Chek network footprint and building an unassailable connection with target customers

Refreshing interior of stores, investing in targeted marketing to new customer demographic and increasing
presence in higher-traffic locations at Mark’s

Focusing on new initiatives such as instant credit, offering enhanced value through new loyalty program
and co-marketing opportunities with partners
Reiterated balanced approach to capital allocation and use of cash


Focus on talent, digital and analytics and brand
Announced intention to repurchase additional $400 million (in excess of shares purchased for anti-dilutive
purposes) of Company’s Class A Non-Voting Shares to end of fiscal 2015
Highlighted financial strengths

Focus on productivity initiatives to make CTC more efficient and profitable

Outlined sources of financial flexibility

Insights into recent transactions - CT REIT and Financial Services
For more information on CTC’s 2014 Investor Day http://investors.canadiantire.ca
4
Creating Value for Shareholders
2014 Initiatives:

Closed strategic partnership transaction with Scotiabank on October 1, 2014

Scotiabank purchased 20% minority interest in Canadian Tire’s Financial
Services business for $500 million

Scotiabank provided committed funding facility of $2.25 billion to backstop
funding of Financial Services’ credit card receivables

Partners identifying co-marketing opportunities to improve customer loyalty
and generate incremental sales through sponsorships and new products
and services

Canadian Tire and Scotiabank aligned on community-based initiatives and
sports partnerships
5
Creating Value for Shareholders
CT REIT Initial Public Offering:


May 2013 - Announced intention to form CT REIT to:

Surface the value of CTC’s real estate

Create a stand-alone vehicle for CTC’s real estate which will support
continued real estate investment

Provide CTC with increased financial flexibility to pursue new opportunities
to invest in and grow the business
October 2013 - Completed CT REIT IPO

CTC retained 83.1% majority interest in CT REIT allowing CTC to retain
control over its real estate properties

Surfaced value of owned real estate portfolio and led to new approach to
valuation (sum-of-the-parts)

Provides future access to capital through investment in CT REIT
6
Corporate Overview
Family of companies
No one
prepares you better for the
jobs & joys of everyday living
Our strengths






Family of the most recognized retail brands in Canada
Market leadership and credibility in heritage categories
Financial flexibility / REIT / Scotiabank transaction
Strong balance sheet / credit rating
Nearly 1,700 retail and gasoline outlets and community presence
Shared real estate, marketing, supply chain, services
Our growth plan







Strengthen and grow core businesses
Retailer first with strong financial services
Record earnings in competitive environment
New flagship stores and concept renewal
Expanded assortments and endless aisle
National rollout of e-commerce
Personalized offers using information gathered from ‘My Canadian
Tire Money’ loyalty program
Financial highlights (2014)
Revenue
Net Income (before NCI)
Diluted Earnings Per Share
Growth (YoY)
$12.5B
+5.7%
$639.3M
+13.3%
$7.59
+9.8%
How we win






Family of CTC companies – strong coalition
Investing in digital and customer experience
Building our brands and exclusivity
Loyalty and the power of customer data
Activating on sports and community partnerships
The store for ‘Life in Canada’
Market Leadership
 Leadership position across heritage/core business
categories – Automotive, Living, Fixing & Playing
 #1 in Men’s Industrial & Casual Apparel
 1 in 5 Canadians hold a Canadian Tire credit card
7
Financial Aspirations – 2010 – 2014
Aspirations
over 5-year
period to
2014
2014
Results
Achieved in
2014
2010 to
2014
CAGR1
Achieved
from 2010 to
2014
Canadian Tire retail sales (POS)
annual growth2
3 to 5%
4.4%

2.4%

Consolidated EPS annual growth
8 to 10%
10.0%

13.3%

Retail return on invested capital2
10% +
8.1%

8.1%3

Financial Services return on
receivables2
4.5 to 5.0%
7.4%

7.4%3

Total return to shareholders
including dividends
10 to 12%
24.3%

17.5%

Financial Aspirations
1
Cumulative average growth rate.
Key operating performance measures. Refer to section 9.3 in the Q4 2014 and full-year MD&A for additional information.
3 ROIC and ROR are targets intended to be achieved at the end of the outlook period, therefore, have been calculated as at the year-end date.
2
8
2015 Strategic Objectives

1. Achieve
financial
aspirations



2. Make balanced
capital allocation
decisions





3. Drive growth in
core businesses




Execute strategy for Retail business growth including innovative marketing campaigns,
banner network expansion, focus on core customer segments at Canadian Tire, FGL
Sports and Mark’s and continuing with Canadian Tire product category focus on specialty
retail operations
Improve supply chain efficiencies and capabilities with new Calgary and Bolton DC
Continue to grow Financial Services through offering new and innovative products and
services, integrating with Retail businesses, enhancing loyalty proposition and through new
account acquisition
Complete $400M share repurchase of Class A Non-Voting Shares in excess of amount
required for anti-dilutive purposes through December 2015
Maintain operating capital expenditures within $600M to $625M and capital expenditures for
additional distribution capacity within $175M to $200M
CT REIT to gain access to capital markets and demonstrate its ability to raise equity and debt
independently
Continue to rollout and evolve current Canadian Tire store concepts
Continue to test and develop a new Canadian Tire store concept
Identify new and innovative ways to remain relevant to target customers, including active
families and reinforce Canadian Tire’s place as “Canada’s store”
Continue to rebrand Mark’s Work Wearhouse stores to Mark’s format and begin to rejuvenate
L’Equipeur stores in Quebec
Continue to expand FGL Sports’ retail footprint with the addition of flagship stores
Launch the Sport Chek Hero store concept
Further integrate Financial Services with Retail businesses through additional services offering
9
2015 Strategic Objectives
4.Transition from
old-world
retailing to the
new world





5. Strengthen the
brands



Continue to grow and enhance the My Canadian Tire ‘Money’ loyalty program
Improve the digital experience across each of the Company’s major retail banners,
including e-commerce channels
Commence deployment of a new POS system at Mark’s and FGL Sports
Launch the first phase of a mobile wallet pilot
Continue to focus on being a brand-led organization, with continued investment in key brand
building assets, including: Olympic and Sports partnerships; community involvement
programs; and Canadian Tire JumpStart Charities
Continue to build high-quality private-label and exclusive brands
Continue to grow assortment of top national brands at FGL Sports and Mark’s
Develop cross-banner co-marketing initiatives internally and within the scope of the
Company’s strategic partnership with Scotiabank
10
Our Retail Network Across Canada
DISTRIBUTION FACILITIES
4 CTR distribution centres
2 Mark’s distribution centres
YUKON
3 trans load facilities
NORTHWEST
TERRITORIES
3 auto parts distribution centres
1
1
1
0
1
1
0
0
0
0
BRITISH
COLUMBIA
ALBERTA
3 FGL sports distribution centres
SASKATCHEWAN
MANITOBA
52
55
14
14
43
53
11
10
58
63
16
13
5
19
6
6
0
15
6
6
ONTARIO
QUEBEC
NEWFOUNDLAND
AND LABRADOR
NEW
BRUNSWICK
NOVA SCOTIA
PRINCE EDWARD
ISLAND
202
99
13
19
21
2
124
167
6
8
11
2
146
45
8
13
17
2
167
59
12
15
8
0
61
0
0
0
3
0
11
Our Core Business is Retail
Customer
Six key business
categories
Preparing Canadians for the
Jobs & Joys of Life in Canada
Retail
banners
2014 revenue = C$12.5B
zz
C$8.4B
Reporting
segments
Business
categories
Products
and
services
C$1.9B
C$1.1B
Retail
Automotive
Living
Fixing
Playing /
Apparel
Sporting Goods
 Gas
 Auto Parts
 Tires & Power
Sports
 Auto Service
 Car Care &
Accessories
 Roadside
Assistance





Home Cleaning
Home Decor
Home Org
Kitchen
Backyard Living
& Fun
 Gardening
 Outdoor
Tools
 Seasonal
 Home
Services
 Home Repair
 Paint
 Tools







Hockey
Golf
Cycling
Fitness
Camping
Hunting
Fishing






Industrial Wear
Men’s Wear
Women’s Wear
Athletic Apparel
Footwear
Accessories
C$1.1B
Financial
Services
 Credit Cards
 Retail Deposits
 In-store
Warranties
 Insurance
 Deferred &
Instalment
Payments
12
Canadian Tire
Our game plan
Our strengths






One of Canada’s most trusted and iconic brands
Most knowledgeable retailer about Life in Canada
Market leader across core categories
Canada’s most read flyer – 12M / week
Local Dealer community presence and trust
Superior real estate locations and national store network
Our growth plan






Strengthen Canadian Tire brand and execute generational shift in
target customer
Act less like a general merchant and more like a specialty retailer
Revitalize and localize assortments, expand key categories (specialty
pro shops, endless isle) and grow new product pipeline
Testing innovative store concepts (Showroom and Showcase stores)
and refreshed network
Analyze customer shopping data from new Canadian Tire Money
loyalty program
Expand e-commerce and digital capability
How we win




Newly strengthened Dealer relationship
Tailored customer connections throughout the shopping experience
Store concept, redesign and omni-channel investment
Sports partnerships and community engagement
Financial highlights (2014)
Banners
Revenue *
$6.3B
Sales growth
4.4%
Same store sales growth **
2.4%
Canadian Tire store count
PartSource store count
Gas+ gas bar count
493
91
297
*Excludes Gas+ Revenue
**Reported on a 52 week vs. 52 wk. period
How we fit in the CTC Family
 Mature, healthy core business, cash generator
 Flagship business, central to Corporate brand
 Credibility in core categories
13
FGL Sports
Our game plan
Our strengths





Canada’s largest sporting goods retailer
Close relationships with elite vendor brands
Wholesale division – direct sourcing
Merchandizing and store operations
World-class digital concept and flagship stores
Our growth plan






Network expansion: 2M square feet of net new retail space from
2012 - 2017
Launch Hero stores & expand number of flagship stores
Super-branding for three lead retail banners
Build unparalleled emotional connection with customers
Digital and e-commerce integration
Use innovation and digital technology to bring brands and
products closer to customers
How we win




Conduit to the best sports brands in the world
Premier real estate locations
Innovative in-store experience
Community engagement and sports partnerships activation
Financial highlights (2014)
Key banners
Revenue
$1.9B
Sales growth
11.5%
Same store sales growth*
Store count
6.9%
436
*Reported on a 52 week vs. 52 week
period
How we fit in the CTC Family
 Growth driver
 Engages younger customer throughout lifecycle
 Digital testing ground
14
Mark’s
Our game plan
Our strengths




Industrial apparel, footwear and accessories
Product development, innovation and quality
Strong private label program
National store network
Our growth plan






Interior store refresh
Increase presence in higher traffic areas
Invest in targeted marketing to new customer demographic
Turbo-charging men’s casual apparel & footwear
End-to-end retail infrastructure fortification
Win with 35-50 year old Canadians
How we win





Building brand awareness and affinity
Utilize industrial credibility to grow in adjacent categories
Enhance style in private label brands
Grow assortment with national brands like Columbia, Helly
Hanson, Merrell, Buffalo and Silver
Improve in-store merchandising and presentation
Financial highlights (2014)
Banners
Revenue
$1.1B
Sales growth
4.5%
Same store sales growth*
3.1%
Store count
383
*Reported on a 52 week vs. 52 week
period
How we fit in the CTC Family
 Reactivated growth driver
 Strong customer alignment with Canadian Tire
 Synergies with FGL Sports in sourcing, merchandising,
supply chain and real estate
15
CT REIT
Our game plan
Our strengths





Irreplaceable Canadian real estate portfolio of more than 270
properties totaling approximately 20 million square feet of GLA
Durable portfolio features
Investment grade anchor tenant - CTC
Exceptional cash flow predictability and reliable monthly
distributions
Well-planned solid long-term growth
Our growth plan



Acquisition and intensification opportunities
Canadian Tire Corporation property pipeline
Contractual annual rent escalations
How we win




Highly diversified retail portfolio
Flexible design, configuration and dimension provides capability
of supporting a multitude of retail platforms
Actively pursuing third-party retail acquisition opportunities
CT REIT is structured for stability even in potentially volatile
markets
Financial highlights (2014)
Property revenue
$344.8M
Funds from operations
$176.9M
Adjusted funds from
operations
$132.9M
AFFO payout ratio
88%
How we fit in the CTC Family
 CTC is a major retail tenant with strong brand
recognition
 Right of first offer on all CTC properties provides
preferred access to captive pipeline
16
Canadian Tire Financial Services
Our game plan
Our strengths





$4.7B in receivables, 1.8M active accounts including over 500K of
Canadian Tire’s most loyal customers
Successful management of higher credit risk through the economic
cycle
Extensive customer data and strong analytics capability
Award winning customer service
Highly effective customer acquisition through retail channels
Our growth plan





Growing GAAR
Increasing acquisition of loyal Canadian Tire customers and
generating higher profitability from these accounts
Increasing share of tender across all CTC banners
Growing innovative services and offerings to customers
Strengthening digital capabilities
How we win



Reinvigorating the value proposition of credit cards
Tighter integration with retail banners and Dealers
Scotiabank partnership creating growth through co-marketing
opportunities
Financial highlights
(2014)
Change
Revenue
$1.1B
4.8%
Gross average accounts
receivable (GAAR)
$4.7B
7.1%
1,837
3.7%
Average number of
accounts with a balance
(thousands)
Return on receivables
7.36%
How we fit in the CTC Family
 Earnings generator
 Supports core retail business
17
Delivering Solid Results
Financial Services Return on
Receivables (%)
Consolidated Revenue
(C$ in millions)
12,463
11,500
11,427
11,786
7.6%
7.4%
5.7%
7.32%
7.36%
2013
2014
7.2%
7.0%
9,500
2012
2013
2014
Consolidated EBITDA
(C$ in millions)
1,500
1,138
1,236
1,000
6.8%
6.76%
6.6%
6.4%
2012
1,376
11.4%
Retail gross margin
(% of revenue)
500
0
2012
2013
2014
Basic EPS attributable to owners of the
Company
($)
$7
7.65
6.96
6.13
29.5%
28.9%
29.0%
28.5%
28.2%
28.0%
27.5%
27.3%
27.0%
10.0%
$5
26.5%
2012
2013
2014
2012
2013
2014
18
Returning Value to Shareholders


Dividends:

Q3 2014 – increased annual dividend to $2.10 per share, up 5.0%

Q2 2014 – increased annual dividend to $2.00 per share, up 14.3%

Q3 2013 – increased annual dividend to $1.75 per share, up 25%. Raised
dividend payout ratio to 25% to 30% of prior year’s normalized earnings

Q3 2012 – increased annual dividend to $1.40 per share, up 16.7%
Share repurchases:

Announced $400M share repurchase from October 9, 2014 to December 31,
2015 (beyond anti-dilutive purchases). Approx $316M remains to be
repurchased in 2015.

2014 – repurchased $284M of Class A Non-Voting shares (beyond anti-dilutive
purchases)

2013 – repurchased $100M of Class A Non-Voting shares (beyond anti-dilutive
purchases)

Q4 2012 – repurchased $2.5M of Class A Non-Voting shares (beyond antidilutive purchases)
19
Returning Value to Shareholders
Policy to maintain dividend payments equal to 25% to
30% of the prior year’s normalized basic net earnings
$1.88
Member of S&P/TSX Canadian Dividend Aristocrats index
$1.40
Annual Dividends Paid
$0.56
2005
$0.64
2006
$0.82
$0.84
$0.84
2008
2009
2010
$1.20
$1.10
$0.72
2007
2011
2012
2013
2014*
* In Q3 2014, CTC announced an annual dividend increase of 5% to $2.10 per share
* In Q2 2014, CTC announced an annual dividend increase of 14.3% to $2.00 per share
20
Canadian Tire – a Strong Investment
Proposition



Extensive reach and scale of business

90% of Canadians located 15 minutes from a Canadian Tire store

National presence with 1,700 retail and gasoline outlets

One in five Canadians hold a Canadian Tire Options MasterCard
Differentiators

490 Associate Dealers in local communities across Canada

Attracting and retaining world-class talent to grow businesses

Experienced leadership in key functions across the Company

Continued focus on brand-led organization
Delivering strong financial results

Clearly defined growth plan with underlying financial aspirations

Strong balance sheet and multiple funding sources

Committed to balanced approach for returning capital to shareholders
$12.5 billion in revenue
31.5 million retail square feet
21
2014 Results
22
2014 Highlights

Business results




Capital allocation priorities:

Investing in the businesses – network growth, IT systems and in-store digital capabilities

Maintaining investment-grade debt and credit ratings – retired $200M in corporate debt

Returning capital to shareholders

Increased annual dividend to $2.10 per share

Completed $200M share repurchase commitment

Announced new $400M share repurchase intention through to December 2015

Identifying organic and inorganic growth opportunities that will strengthen the brand

Expanding assortments and products in key categories

Seeking acquisitions that enhance the brand and build on heritage categories (i.e. sports,
automotive, outdoor living)

Canadian Tire – Shifting focus to operating key category businesses as a specialty retailer

Investing for the future:

Adding strong retail talent to the businesses

Building on momentum in Automotive business
FGL Sports - changing the face of Canadian retail through in-store customer experience

Creating innovative in-store digital and mobile experiences to engage younger customer demographic

Second generation Sport Chek flagship store opened in Burnaby, British Columbia in Q4 2014
Mark’s – building on re-branding and new marketing focused on men’s casual and industrial wear

Identified new markets and non-seasonal areas for growth such as in denim
Capital allocation
Growth
Record performance across all businesses

Maintained a disciplined balance between sales and margins

Innovative product and promotional programs helping to drive sales across all banners

CT REIT executed on growth plan and investment strategy through acquisitions
Olympic merchandise and marketing increased customer affinity for Canadian Tire and Sport Chek retail
brands
Completed strategic business partnership with Scotiabank that will grow Financial Services and Retail
Introduced digital loyalty program "Canadian Tire Money” to complement existing Loyalty program


23
2015 Outlook
24
2015 Outlook

Operating expense growth aligned with revenue growth

Effective tax rate estimate: 27.5% for 2015

Reflects estimated full year impact of Scotiabank NCI and assumes a lower
anticipated stock-based compensation expense

In 2015, operating CAPEX estimated between $600 million and $625 million due
primarily to Retail store network investment, and investment in IT and digital
initiatives

Additional CAPEX:

Approximately $175 million to $200 million associated with future distribution
capacity in 2015

Third-party property acquisitions by CT REIT
25
Three Year Financial Aspirations
2015 – 20171,2
Financial Aspirations
Details
Canadian Tire retail – 3%+
Retail sales (POS) growth
(annual aspirations)
Mark’s – 5%+
FGL Sports - 9%+
Diluted earnings per share (EPS)
(average over three year period)
8% to 10%
Aspirations separated by banner to better reflect
different stages of maturity/growth of individual
retail banners
Based on annual square footage growth
estimates and same store sales assumptions
Consolidated diluted EPS attributable to owners
of Canadian Tire Corporation
Long-term aspiration remains 10%+
Return on invested capital
(aspiration by end of 2017)
Return on receivables (ROR)
(annual aspiration)
1
Established on October 9, 2014 at Canadian Tire Investor Day
2 Forward looking information – refer to slide 2 for additional information
9%
6% +
Aspiration of 9% is more achievable by end of
three year period
Based on assumptions for rate of receivables
growth and operating expenses management
26
For more information
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