TORONTO, May 2, 2023
/CNW/ - Canadian Tire Corporation, Limited (TSX: CTC) (TSX: CTC.A)
("CTC" or the "Company") is increasing its store footprint through
its agreement to acquire 10 strategic real estate leases, formerly
held by Bed, Bath & Beyond in Canada for a final purchase price of
$1.6 million.
Acquiring these leases will enable CTC to continue building on
the growth of its Mark's and Pro Hockey Life (PHL) banners. CTC has
designated six of the ten leases acquired for Mark's relocations in
Grande Prairie, Medicine Hat, Red
Deer and Strathcona County (Alberta), Langley (BC), and Oakville (Ontario).
"Following our 10th consecutive quarter of growth in
Q4 2022, Mark's is continuing to build on its incredible momentum
in the Canadian market by strategically relocating six retail
spaces to more convenient and larger sites," said PJ Czank,
President, Mark's. "These relocated stores will feature more
products and deeper assortments of our best brands to meet the
needs of our customers in Alberta,
British Columbia and Ontario."
In addition to the Mark's relocations, the agreement will allow
CTC to implement plans for four new Pro Hockey Life (PHL) stores in
Ontario. The 10 leases combined
represent more than 242,000 square feet of retail space.
FORWARD-LOOKING STATEMENTS
This press release contains information that may constitute
forward-looking information within the meaning of applicable
securities laws. Forward-looking information provides insights
regarding management's current expectations and plans and allows
investors and others to better understand the Company's anticipated
financial position, results of operations and operating
environment. Readers are cautioned that such information may not be
appropriate for other purposes. Although the Company believes that
the forward-looking information in this press release is based on
information, assumptions and beliefs that are current, reasonable,
and complete, such information is necessarily subject to a number
of business, economic, competitive and other risk factors that
could cause actual results to differ materially from management's
expectations and plans as set forth in such forward-looking
information. The Company cannot provide assurance that any
financial or operational performance, plans, or aspirations
forecast will actually be achieved or, if achieved, will result in
an increase in the Company's share price. For information on the
material risk factors and uncertainties and the material factors
and assumptions applied in preparing the forward-looking
information that could cause the Company's actual results to differ
materially from predictions, forecasts, projections, expectations
or conclusions, refer to section 11.0 (Key Risks and Risk
Management) of our Management's Discussion and Analysis for the
Fourth Quarter and Full-Year ended December
31, 2022 as well as CTC's other public filings, available at
http://www.sedar.com and at https://investors.canadiantire.ca.
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.
ABOUT CANADIAN TIRE CORPORATION
Canadian Tire Corporation, Limited, (TSX: CTC.A) (TSX: CTC) or
"CTC", is a group of companies 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 and Atmosphere, which
offer the best active wear brands. The close to 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 CTC and its local dealers, franchisees and
petroleum retailers. In addition, CTC owns and operates Helly
Hansen, a leading technical outdoor brand based in Oslo, Norway. For more information, visit
Corp.CanadianTire.ca.
SOURCE CANADIAN TIRE CORPORATION, LIMITED