Canadian Tire Corporation (CTC) is a retailer with a portfolio of retail banners in Canada that offer a wide array of products and services. By the end of FY2021, CTC operated 1,712 stores. It closed 29 net stores as compared to FY2020. The Canadian Tire Corp primarily operates through three reportable segments: the Retail segment, the Financial Services segment, and the CT REIT segment.
The retail business segment offers customers a breadth of differentiated products and services through convenient in-store and online shopping experiences. The retail segment mainly includes brands like Canadian Tire, SportChek, Mark's, PartSource, Helly Hansen, Party City, and Petroleum.
Canadian Tire is one of Canada’s most recognized general merchandise retailers which provides over 196,000 national and owned brand products in 197 product categories across its Automotive, Fixing, Living, Playing, and Seasonal & Gardening divisions.
Most of Canadian Tire’s stores provide a variety of automotive services. Among the well-known owned brands carried at Canadian Tire are Motomaster, Mastercraft, Noma, Canvas, For Living and Paderno. Canadian Tire stores range in size from approximately 3,200 to 134,000 retail square feet and, as of the end of FY2021 and totaled approximately 22.3 million retail square feet across 504 stores.
These stores are operated by independent third parties, known as Associate Dealers who own the fixtures, equipment, and inventory of the store they operate, employ the store staff, and are responsible for the store’s operating expenses.
Also, within the Automotive division is PartSource, a specialty automotive parts chain with 80 stores.
Tools, hardware, paint, electrical, plumbing, home environment, and smart home products are included in the Fixing division. Within the Living division, there are products for the kitchen, the home organization, the decor, the electronics, the pet, the cleaning, and the consumable categories. In the Playing division, products are available in the outdoor recreation, exercise, footwear, apparel, hunting, fishing, camping, and sporting goods categories. Pro Hockey Life, a specialty retailer of high-end hockey assortments with 16 stores as of FY2021, is also managed within the Playing division. All the products customers need to tackle the Canadian seasons can be found in the Seasonal & Gardening division. Party City, is a leading, one-stop shopping destination for party supplies with 65 retail stores operated under this division.
SportChek is a sporting goods and activewear retailer that operated 192 stores in FY2021. The brands under SportChek include Diamondback, Helly Hansen, Ripzone, Sherwood, and Woods. The Corporate-owned retail stores operate under SportChek and Atmosphere banners. The Atmosphere brand had 19 stores at the end of the year.
Franchise operations include the brand’s Sports Experts, Atmosphere, Hockey Experts, and Sports Rousseau/L’Entrepôt du Hockey. At the end of the year, Sports Experts managed 97 stores, Atmosphere managed 44 stores, Hockey Experts managed 10 and Sports Rousseau/L'Entrepôt du Hockey managed 13 stores.
Mark’s categorized under the retail segment is one of Canada’s largest casual and industrial apparel and footwear retailers offering products under owned and national brands. The store network consists of corporate-owned stores with some franchise stores summing to 380 stores at the end of FY2021.
Helly Hansen a global brand offering products in outerwear, base-layer and workwear, based in Norway sells in more than 40 countries, including core markets such as Norway, Sweden, Canada, the United Kingdom, and the United States
Petroleum had 292 retail gas bars and associated convenience stores, of which 152 are located adjacent to Canadian Tire stores. Petroleum also operated 20 gas bars and associated convenience stores located at “ONroute” rest stops on major Ontario highways.
CTC derives a significant amount of its Retail segment revenue from the sale of seasonal merchandise, with the largest percentage of its sales typically occurring in the fourth quarter. The retail sales increased 6.5% in the fourth quarter of FY2021 driven by growth across all banners investing in the right inventory and effective prioritization of shipments resulting in strong sales. The fourth quarter of FY2021 also experienced fewer restrictions on in-store sales compared to the prior year resulting in increased in-store sales, particularly under the SportChek and Mark’s banners. eCommerce sales penetration also declined because of in-store shopping restrictions. Retail sales increased 8.3% for FY2021, driven by growth across all banners.
Note: In the financial services segment, CTC holds an 80% interest in CTFS Holdings and a 20% interest in The Bank of Nova Scotia. As of FY2021, CT REIT’s portfolio comprised 368 properties.
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