Canada NewsWire
TORONTO, Feb. 18, 2021
TORONTO, Feb. 18, 2021 /CNW/ - Canadian Tire Corporation, Limited (TSX: CTC) (TSX: CTC.A) today released its fourth quarter and full year results for the period ended January 2, 2021.
"We achieved outstanding operational and financial results in 2020, driven by sustained strong growth in eCommerce and Owned Brands, and the addition of 1.8 million new customers to the Triangle Rewards program. Despite countless unprecedented challenges, our commitment to being there for Canadians was unwavering throughout the year. I am incredibly proud of all of our people across CTC, our Associate Dealers, and especially our frontline employees for their achievements, their support of one another and their continued commitment to serving our customers amidst the ongoing pandemic," said Greg Hicks, President and CEO, Canadian Tire Corporation.
"Looking forward, the proven resilience of our business model, the strength of our Triangle Rewards program, and the relevance of our assortment position us well to continue engaging with our customers and supporting them in 2021 and beyond," added Hicks.
FOURTH QUARTER HIGHLIGHTS
SELECT ANNUAL HIGHLIGHTS
CONSOLIDATED OVERVIEW
The fourth quarter and full year 2020 results include one additional week of retail operations compared to the fourth quarter and full year 2019 results, except for comparable sales growth.
FOURTH QUARTER
FULL YEAR
RETAIL SEGMENT OVERVIEW
The fourth quarter and full year 2020 results include one additional week of retail operations compared to the fourth quarter and full year 2019 results, except for comparable sales growth.
FOURTH QUARTER
FULL YEAR
FINANCIAL SERVICES OVERVIEW
FOURTH QUARTER
FULL YEAR
CT REIT OVERVIEW
CAPITAL ALLOCATION
CAPITAL EXPENDITURES
QUARTERLY DIVIDEND
NORMAL COURSE ISSUER BID
The Company announced its intention to make a normal course issuer bid (the "2021-22 NCIB" to purchase from March 2, 2021 to March 1, 2022 up to 5.4 million Class A Non-Voting Shares (the "Shares"), which represents 9.9% of the 54.7 million approximate public float of Shares issued and outstanding as at February 17, 2021. There were 57,383,758 Shares issued and outstanding as at February 17, 2021.
The Company intends to purchase Shares under the 2021-22 NCIB to offset the dilutive effect of the issuance of Shares pursuant to its dividend reinvestment and stock option plans, consistent with the Company's policy. The Company retains the flexibility to purchase additional Shares beyond its anti-dilutive requirements but does not intend to do so at this time.
Purchases of Shares pursuant to the 2021-22 NCIB will be made by means of open market transactions through the facilities of the TSX and/or alternative Canadian trading systems, if eligible, at the market price of the Shares at the time of purchase or as otherwise permitted under the rules of the TSX and applicable securities laws. Purchases may also be made by way of private agreements or share repurchase programs under issuer bid exemption orders issued by securities regulatory authorities. Any private purchase made under an exemption order issued by a securities regulatory authority will generally be at a discount to the prevailing market price.
For open market transactions, the Company will be subject to a daily purchase limit of 69,845 Shares, which represents 25% of 279,380, the average daily trading volume of the Shares on the TSX, net of purchases made by the Company through the TSX, for the six months ended January 31, 2021. The Shares purchased by the Company pursuant to the 2021-22 NCIB will be restored to the status of authorized but unissued shares.
The Company's proposed 2021-22 NCIB is subject to regulatory approval.
Under the Company's normal course issuer bid which began on March 2, 2020 and expires on March 1, 2021 (the "2020-21 NCIB"), the Company received approval to purchase up to 5.5 million Shares. To date, the Company has purchased a total of 355,102 Shares by means of open market transactions through the facilities of the TSX and alternative Canadian trading systems under the Company's 2020-21 NCIB, at the volume weighted average price of $125.24.
To view a PDF version of Canadian Tire Corporation's full quarterly earnings report please see: https://mma.prnewswire.com/media/1440440/CANADIAN_TIRE_CORPORATION__LIMITED_Canadian_Tire_Corporation_Ann.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 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 10.0 (Key Risks and Risk Management) of our Management's Discussion and Analysis for the year ended January 2, 2021 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 February 18, 2021. 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, jane.shaw@cantire.com
Investors: Lisa Greatrix, (416) 480-8725, lisa.greatrix@cantire.com
Consolidated Balance Sheets (Unaudited)
As at | | | ||
(C$ in millions) | January 2, 2021 | December 28, 2019 | ||
| | | ||
ASSETS | | | ||
Cash and cash equivalents | $ | 1,327.2 | $ | 205.5 |
Short-term investments | 643.0 | 201.7 | ||
Trade and other receivables | 973.6 | 938.3 | ||
Loans receivable | 5,031.8 | 5,813.8 | ||
Merchandise inventories | 2,312.9 | 2,212.9 | ||
Income taxes recoverable | 21.9 | 33.2 | ||
Prepaid expenses and deposits | 193.8 | 139.3 | ||
Assets classified as held for sale | 42.6 | 10.6 | ||
Total current assets | 10,546.8 | 9,555.3 | ||
Long-term receivables and other assets | 631.9 | 807.8 | ||
Long-term investments | 146.2 | 138.9 | ||
Goodwill and intangible assets | 2,372.8 | 2,414.3 | ||
Investment property | 385.8 | 389.1 | ||
Property and equipment | 4,298.2 | 4,283.3 | ||
Right-of-use assets | 1,696.7 | 1,610.4 | ||
Deferred income taxes | 298.7 | 319.2 | ||
Total assets | $ | 20,377.1 | $ | 19,518.3 |
| | | ||
LIABILITIES | | | ||
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