Canadian Tire Corporation Ltd at CIBC Retail & Consumer Conference
Mar 29, 2017 AM EDT
CTC.A.TO - Canadian Tire Corporation Ltd
Canadian Tire Corporation Ltd at CIBC Retail & Consumer Conference
Mar 29, 2017 / 12:30PM GMT
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Corporate Participants
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* Dean McCann
Canadian Tire Corporation, Limited - EVP & CFO
* Allan MacDonald
Canadian Tire Corporation, Limited - President, Canadian Tire Retail
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Conference Call Participants
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* Mark Petrie
CIBC World Markets - Analyst
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Presentation
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Mark Petrie, CIBC World Markets - Analyst [1]
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All right, we're going to get going if everyone wants to just grab their seats. So first of all, let me just introduce myself. My name is Mark Petrie, I am the research analyst here at CIBC covering retail and consumer stocks.
I think I know most of you, but if not please get used to my face. I'm going to be up here a lot today I'm sorry to say for you.
So thanks a lot for being here. Thanks for taking the time. It's always a dynamic time in the Canadian retail landscape and today is, obviously, no different be it the health of the Canadian consumer, impact from trade agreements from some of our key trade partners and I'm sure we will find out any update on that in a 4 a.m. tweet one morning or the ever-evolving competitive dynamic across a wide range of industries.
But by and large the themes remain pretty consistent and stable. And that's not a bad thing I don't think.
We are fortunate to have, here today anyway, a group of companies that are by and large in very great shape. There is modest organic growth but healthy profitability, well-capitalized and generally good cash flows.
E-commerce is clearly a disruptive force but not a pressing issue in today's numbers for most of the companies that we are going to see here today. So the biggest question is really how to allocate that excess cash flow. Generally speaking reinvest in the business to widen or deepen the moat, return it to you or put it to work for more aggressive growth.
But increasingly we are seeing a crop of Canadian companies putting that capital to work outside of our borders. For all of our stability we are a mature market and there are a whole lot more wallets outside of our borders than inside.
That probably raises the hairs on the back of some people in this room who have long memories about Canadian companies who have failed in the US or abroad. But we've got a lot of homegrown talent. Some recent IPOs have brought that to the fore, Aritzia, Freshii, Canada Goose, Spin Master a couple of years ago, all having a ton of success outside of the country and a number of other companies that are going to be presenting later today.
So thank you for attending. I know it's going to be a fruitful day either through your one-on-one meetings or here in the presentations.
I would encourage you to download our CIBC Capital Markets app. You can submit questions via that app which I will be able to receive up here on stage. And with that said, let's get it started with our first presenter.
So I'd say Canadian Tire is actually one of the more controversial companies in the Canadian retail landscape in some respects, not because of any scandal within the Company or anything like that. But it's probably as close as any company in our coverage universe as being at the forefront of the battle between traditional bricks-and-mortar and e-commerce. And some investors I think have taken a negative view, but really the sales results at Canadian Tire have been nothing short of spectacular, and we are in the midst of the best three-year run we've ever seen that Company deliver, certainly in the core Canadian Tire banner.
So here with us today is one of the architects behind that, Allan MacDonald, who has been with Canadian Tire for nearly 10 years now and runs the Canadian Tire batter for, I think, the last four and, of course, Dean McCann who is the CFO. So let's jump right into the questions. Guys, thanks for being here.
So first of all, I guess let's just talk about the same-store sales results. As I said, it's been a multiyear run but the Q4 number was just out of this world and I think well ahead of what anyone would have expected. Just talk about broadly the biggest drivers for that same-store sales result.
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Allan MacDonald, Canadian Tire Corporation, Limited - President, Canadian Tire Retail [2]
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Well, you know it's never one quarter that defines you. And Q4 we had a lot of things go our way, but I think underneath all of that we've got a very sustainable business that's been years in the making.
We've laid out a plan to be a product-led Company and to differentiate based on the experience we are providing customers, combining all the strengths of Canadian Tire's history. And we've been very diligent in terms of executing that, making sure that we are brand focused, that we are continuing to build the right assortment. Because without the right products and the right brands the best experience in the world really doesn't hold true.
So over the course of the last few years building up to that it's been resonating quite a bit with our customers which we are really pleased with. And we are also underpinning it with some operational excellence, which has been the result of adopting a whole new way of thinking around data and analytics.
So what you saw in Q4 was a lot of small things coming together and some really good timing in terms of weather. Categorically our Christmas business did really well for us, which was primarily driven by the canvas and NOMA brands which were years in the making. And these are small examples of the types of impacts it's having with our customers.
So we are very, very pleased. But I'd be remiss if I didn't congratulate the team in terms of the brand building which was really where we started about five years ago.
Canadian Tire has managed to really connect to the fabric of Canadians. And I think it's been one of the guiding lights for us in terms of the paths we've chosen and the priorities we landed on.
And there probably isn't a better example of that than our Olympic advertising. And you will have to forgive me, because I am a little excited about this, but Canadian Tire did a series of Olympic ads last year in August for the games in Brazil that were ranked first, second and third in Canada, higher than the, there were three ads and they ranked higher than any other Canadian advertisement. And they exemplified some values that we hold near and dear as Canadians and that Canadian Tire also holds near and dear.
And recently those ads have become a bit of a viral phenomenon. And I have one that we can show. It's been adopted and shared around the world north of 150 million times. And because there are no agencies that vet this it's really tough to prove, but we haven't been able to find another ad that's even broken 100 million.
So it's been quite a moment of pride for Canadian Tire. We can show that if you want.
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Mark Petrie, CIBC World Markets - Analyst [3]
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Yes, do we have the video queued up?
(video playing)
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Allan MacDonald, Canadian Tire Corporation, Limited - President, Canadian Tire Retail [4]
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You know, this ad I think exemplifies for me some of the progress we have been making around getting the fundamentals right and being as good as you can there and then adopting new ways of operating. So digital marketing for us isn't just about being great at digital marketing, although that is something we aspire to do.
You have to have a foundation and a strong brand and a great message, great products, great brands to stand behind. And for us this success in digital marketing really started with understanding who you are as a brand and not skipping over that and just going to digital marketing piece.
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Mark Petrie, CIBC World Markets - Analyst [5]
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Okay. So a bunch of different jumping off points within that. And I think that is going to provide a lot of questions here.
So first of all, I just wanted to come back to the idea of being product-led. And maybe you could just talk about the progression to this point in terms of the development of your own brands, what the opportunity still is out there, maybe some categories where that strategy hasn't fully played out yet. And then maybe what are the risks in terms of balancing out relationships with national brands but also promoting your own product?
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Allan MacDonald, Canadian Tire Corporation, Limited - President, Canadian Tire Retail [6]
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Sure. To date we've been very, very pleased with the success of our owned brands. And we have transitioned to having two categories: owned brands and owned national brands.
The difference would be MotoMaster as an owned brand is very much connected to Canadian Tire and plays a great role for us. And our owned national brands like Woods or CANVAS or NOMA, which play a slightly different role that are less identifiable as house brands but give us a unique assortment that's exclusive to Canadian Tire.
We have seen really nice success. And I think it has been a bit of a combination of having some strong brand management and marketing behind it, having a legacy of just necessity Canadian Tire has been first-to-market in terms of direct sourcing and brand building for many, many years being one of the very first companies to set up offshore sourcing.
And then choosing the right categories. So we've been very diligent in terms of prioritizing categories that are brand-led, that are underrepresented in owned brand penetration and categories that are going to be core to us not only today but going forward.
So our work with camping and Woods and Outbound took a brand that their best year was around $15 million in revenue and in Q2 2017, sorry, 2016 they did about $102 million. So it's been a big change for us and it's really improved our performance in the category.
What looking forward we are going to continue to adopt this same approach. We are looking at category by category where our most strategic categories lie, where we see some of our fiercest competition, where brands play an important role and where we are underrepresented.
So if you think about categories like Christmas we've done a really nice job where our Christmas assortment is north of 85% owned brands versus a category like kitchen where we are under 10%. So we've got lots of opportunity left and we are really excited about the runway and it's nice to have these kinds of successes within the team. It's its own motivation, if you will.
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Mark Petrie, CIBC World Markets - Analyst [7]
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And have you encountered a situation maybe not in a broad category but maybe in one sort of specific product where you feel like you've gone too far in terms of your owned brands and you have maybe sacrificed national brand? Or is it still just all whitespace?
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Allan MacDonald, Canadian Tire Corporation, Limited - President, Canadian Tire Retail [8]
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Well, where there is lots of white space left. I think one of the things we have been guilty of in the past, and this is the distinction between owned and owned national, is we looked at product-by-product sourcing opportunities to optimize margin through brand on it. And at the end of the day we ended up having a brand that didn't really have a crisp identity because it was overused.
So that's a great learning for us and something that we haven't been doing over the last few years. So like you say, we are trying to be much more selective and disciplined in terms of where we are choosing to invest our time and resources, do a little bit less but do it really, really well.
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Mark Petrie, CIBC World Markets - Analyst [9]
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And does that primarily surface in product quality? Is that the ultimate proof of that?
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Allan MacDonald, Canadian Tire Corporation, Limited - President, Canadian Tire Retail [10]
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Yes, product quality just even resonating with our customers, having a big safe story versus a brand that people aspire to are two very important strategies. But there is horses for courses. So you've got to have a great mix of both, and I think that's been a big learning for us.
Our TESTED For Life in Canada program where we actually employ, not employ, but we use Canadian consumers to test our products has been really successful because last year we did about 1,500 products tested by Canadians and this year we are going to move that up to about 5,000. And we are seeing the response in terms of our quality improvement really resonate with Canadians.
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Mark Petrie, CIBC World Markets - Analyst [11]
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Okay. On the brand building side, obviously, the viral ad is a fantastic example of targeting a different consumer or an inclusive message. How does that translate into stores?
As you think about your core customer you are tweaking that maybe a little bit. But maybe just talk about the idea of how you market to a core customer, how that's adjusted and then how that plays out in stores?
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Allan MacDonald, Canadian Tire Corporation, Limited - President, Canadian Tire Retail [12]
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Well, again, store there is a couple of elements and we have a two-tiered or several-tiered marketing program. The brand marketing which the wheels ad would have been an example of and then our product marketing or our TESTED For Life in Canada marketing messaging and then right down to activation and store.
The first piece has been huge for us in terms of creating an even greater community within the Canadian Tire family. So when we provide T-shirts to our store staff that talk about we all play for Canada, one of the most common questions we get is can we buy more? So that pride in the triangle --
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Mark Petrie, CIBC World Markets - Analyst [13]
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I hope the answer is yes.
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Allan MacDonald, Canadian Tire Corporation, Limited - President, Canadian Tire Retail [14]
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The answer is always yes. We actually provide them free. If they will wear them, we will give you one if you'd like to wear it.
But that pride in being part of Canadian Tire can't help but translate into a better customer experience. That's the first part.
The second part is bringing our products and our brands and our great assortment to life. Whether it be at the product level or at the Canada's fun store level really helps bring our staff and our store teams along in terms of being able to be great spokespeople for our products and our services.
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Mark Petrie, CIBC World Markets - Analyst [15]
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With regards to the digital marketing, maybe you could just talk about a little bit of the internal work that you guys have done in order to make that something that you can differentiate on.
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Allan MacDonald, Canadian Tire Corporation, Limited - President, Canadian Tire Retail [16]
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Well, we have identified really early that one of our most coveted assets is our digital audience. Canadian Tire would have one of the top two or three retail websites in the country, and we think that's incredibly precious and we want to preserve and grow it.
And for us that's about continuing to be relevant in the digital space and providing as good a digital experience as we do any other experience for our customers. Because we think of it in terms of being a connected retail that there isn't one experience, it's the culmination of all of the touch points the Company has with its one customer. It's how we think about Canadians.
So early on we spent a lot of time thinking about and working on how responsive our website is, how many visits, what's driving it, our search effectiveness. And that's been a huge priority for us.
Coupled with that a lot of trial and error on things like Facebook advertising, social media. And we are getting really good at it. Like I'm really pleased with the progress we are making.
We are doing a Premier paint launch right now. And if any of you haven't seen this it really is worth checking out. On Instagram there's a dot of paint with a couple of other colored dots of paint in it, and an artist mixes it and it turns out to be one of our colors of the month and it's become, it's getting a lot of likes on Facebook.
We figured out just it's more than just pictures. You have to be interacting, you have to really be able to connect with your customers. And that's really helping us in terms of how we are thinking about the future of our website and how we are going to drive even more traffic.
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Mark Petrie, CIBC World Markets - Analyst [17]
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Analytics and leveraging of data is something that you guys have talked a lot about. I know it's something that you are further investing in through the course of 2017. How has that capability been developed internally?
And as consumers or as outsiders, how can we see how that's playing out in terms of your business? And I'm thinking maybe specifically of the flyer because I know that has been a key focus in terms of where you have been leveraging that expertise.
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Allan MacDonald, Canadian Tire Corporation, Limited - President, Canadian Tire Retail [18]
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Well, it's always hard to say we've adopted a new approach to data and analytics. And our margins have improved. And it would be obvious, an obvious connection.
So I would say probably, and I will come to the flyer in a second, probably our biggest learning as we think about our business differently. We challenge ourselves in different ways, we look for different proof points and we've become much more inclusive in terms of our data and how we analyze the business. And that's given us a leg up.
When it comes to building assortments we are now able to use customer data to find what we describe as Keystone products that we know are much more valuable in basket building than other products where we used to use intuition, for example. From a productivity standpoint and effectiveness we've completely shifted our flyer business which for Canadian Tire is a multibillion dollars investment from a revenue per slot forecast and then reconciled with an actual to a very specific forecast on net promo return.
So we now have tied inventory, sales forecasting and margin forecasting reconciled with our business plan slot by slot with the flyer. And that's not one data feed, that's a whole series of data feeds that are being brought together.
A lot of massaging and learning to get it right. But most importantly, we've shifted the mindset of the organization to be much more focused on how we think about data and how we incorporate it into our decision-making, much less intuition. Although that's still important, because without that you wouldn't have had wheels.
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Mark Petrie, CIBC World Markets - Analyst [19]
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And I think the answer is probably found in the same-store sales results, but how are the Dealers reacting to this evolution in terms of your approach? And is it potentially leveragable into the Dealer network?
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Allan MacDonald, Canadian Tire Corporation, Limited - President, Canadian Tire Retail [20]
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Yes. They are very excited about it. Obviously, when you are succeeding people are pleased.
But what we can never forget is that the journey towards a nice accomplishment and Q4 was a moment in time but it was a nice moment, you have to make a bunch of tough decisions and do difficult things. And quite honestly they are never talked about at the time because they are really about creating capability for the future.
So our Dealers have been with us every step of the way. They are really encouraged by the success we've had.
And I think more than anything they are saying okay, what is next, what are we going to tackle next? So it's being giving us all lot of fuel for generating more momentum.
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Mark Petrie, CIBC World Markets - Analyst [21]
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Dean, you are way too comfortable over there, so let me lob this (multiple speakers)
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Allan MacDonald, Canadian Tire Corporation, Limited - President, Canadian Tire Retail [22]
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Yes, I was just going to ask you, surely you've a question (multiple speakers)
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Dean McCann, Canadian Tire Corporation, Limited - EVP & CFO [23]
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This is fantastic, this is my dream day, this is great.
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Mark Petrie, CIBC World Markets - Analyst [24]
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I'll lob the next question in your direction, although there's maybe a piece of it that you may want to chime in on, Allan. But gross margin has been a big topic, obviously, related to everything that you are talking about as it relates to specifically the promo strategy and the flyer. But I'd say it's clear you guys outperformed expectations in 2016, all of the issues and headwinds as it relates to FX.
Maybe you'd just talk a little bit about where you guys stand on gross margin today, what your view for 2017 is? And then, Allan I don't know if you could talk about maybe the competitive dynamic a little bit in terms of price increases going through and so on and so forth?
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Dean McCann, Canadian Tire Corporation, Limited - EVP & CFO [25]
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Well, I'll start and let Allan pick it up. But it comes back to, and Allan touched on this, it is the capabilities that are being built in the organization are the things to focus on. The outcome is the improved margins that you have seen.
We are very encouraged by how the organization has adapted, if you will, to the change in use of data and build that into the decision-making as Allan talk about. The flyer is a great example of that where we have got a new metric that's being used. And that's the product of, frankly, a better part of two years worth of work.
And there are other great examples throughout the organization where that is happening. And it's really testament to how the organization, as I say, is adapting to change and the use of data going forward. So I am very encouraged about it.
I'm not going to tell you what margins are going to be going forward, obviously. But from the perspective of those capabilities, Canadian Tire is a much stronger organization than it has ever been.
And as well the other businesses, Mark's, FGL, those same types of capabilities we are working to build those into those organizations as well as we go forward, and as I have said before taking this on the road in terms of operational efficiency. And as we all know Allan and team were the ones that started and really embraced this and have done a great job with it. So very encouraging.
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Allan MacDonald, Canadian Tire Corporation, Limited - President, Canadian Tire Retail [26]
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I think when you think about managing margin it's really one aspect of the plan. So you've got your pricing, how you are going to promote it, your inventory management, your distribution, how we are engaging our Dealers, what we are choosing to sell, how the customers are going to respond.
And I'm always saying that it's never one big thing, it's a bunch of little things and it's a three- to five-year journey in almost every initiative. But being able to have much more clarity, discipline and analytics around all of those moving pieces have allowed us to have foresight in advance enough that we are able to make decisions and compromises to see headwinds coming, to see opportunities and to make sure that we are better than we ever have able to manage getting the growth and getting the profitability.
So it's by no means a journey complete. But we are in a better position today than we have been for a long time.
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Mark Petrie, CIBC World Markets - Analyst [27]
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And Dean you touched on it with regards to leveraging some of these new capabilities or developed capabilities into the other parts of the organization. But how far along are we in that journey? You sort of said it's been two years in the making for tire, is it still two years in the making for those guys or is it a shorter ramp because you've already established a bunch of the capability?
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Dean McCann, Canadian Tire Corporation, Limited - EVP & CFO [28]
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I think we are well into it in terms of the other organizations. And with, as I said, the leadership that CTR showed there's nothing like success to get people's interest. So I think the other businesses have stepped up and seen the kinds of things that we've been able to accomplish at the CTR side of the house.
And as a result, I expect we will move even quicker in those other areas. But it's changed, and as I always say everything would be easy if there weren't any people involved. But the opportunity is there and as I say the organization is embracing data.
We have still got a long way to go, though. And the exciting thing about that is the opportunity it creates.
And it really puts Canadian Tire more in control of its margins. I think that's the most important thing.
It's less about what margin is going to be. It's about the control around the margin. And particularly, that's been particularly important as we have gone through, obviously, the foreign exchange, if you will, upheaval that all retailers have gone through.
When foreign exchange was going the other way all retailers went through that and nobody really talked about it. So it was just as severe the other way. But the degree of control that we now have over, if you will, our margins going forward is just light years from where we were not even three, four years ago.
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Mark Petrie, CIBC World Markets - Analyst [29]
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And just looping back and finishing on the Mark's and FGL topic, how integrated are those two businesses today? And is there an opportunity for those to become more integrated?
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Dean McCann, Canadian Tire Corporation, Limited - EVP & CFO [30]
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Want me to start on that? I think the, I mean the best example for me in terms of integration and then I will let Allan handle on the retail side but is with financial services. So we have seen and we have talked about this a lot over the last number of years, the opportunity that the financial services business place in terms of supporting retail. But we saw a very, very tangible examples of that in particularly the last half of the year and it really showed up in the fourth quarter in terms of the ISF programs and we are rolling those out to the rest of the organization.
We have got big plans with respect to the opportunity to utilize the card in the other retail businesses. And it's really looking at Canadian Tire as one Company. There's banners but looking at the opportunities that are created by thinking of it holistically as one Company.
Allan, do you want to add anything in retail?
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Allan MacDonald, Canadian Tire Corporation, Limited - President, Canadian Tire Retail [31]
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I think it's really incumbent upon us to maintain what makes each of those banners unique and the role that they play with our customers. But as I mentioned before, we think of it in terms of one customer and the question we have to ask is where are we stronger together?
And every opportunity where we are stronger together needs to be explored. And we would never have the situation where we've managed to have great learning in FGL in terms of some of the capabilities they have gotten which are fantastic and not imported that into CTR where it's applicable.
So stronger together I think really has to be a theme for us. It has been in the past and we are going to continue to work that way.
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Mark Petrie, CIBC World Markets - Analyst [32]
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And I guess potentially related to that, Dean, maybe you could just talk a little bit about the operating expense line for you guys. To the extent that there is any detail that investors maybe get frustrated with and I'm sure you hear it all the time, it is on the SG&A line.
How does analytics play into that? Are you guys still in an investment phase through that? And how should we think about OpEx leverage through 2017 and beyond?
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Dean McCann, Canadian Tire Corporation, Limited - EVP & CFO [33]
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Yes, I mean the change that we have been going through and the capabilities that the teams have been building, obviously, it's an investment in order to be able to do that. And it's well worth it when you get the kind of results that we've been achieving to date. And going forward we will continue to make the investments that we need to make in order to ensure that the business can grow long run.
The most important driver of long-run value for everybody in this room and our employees, our shareholders, our Dealers and ultimately our customers who will benefit from a successful Company is being able to drive growth and these investments are absolutely critical to that. That said, we are continuing to focus on our operating cost structure.
And the next evolutions of operational efficiency there is lots of new learning going on with respect to the impact of automation on business. And we are looking at that very carefully and how to employee that throughout our business.
But I want to make sure that we are all focused on the fact that we need to continue to invest in the business. At the same time, we are looking at getting costs of the old, if you will, ways of doing things out of the business in order to be able to fund those new activities.
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Mark Petrie, CIBC World Markets - Analyst [34]
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Okay. I talked about it in my introduction, but e-commerce is probably one of the most frequent topics in the industry period and certainly as we talk about Canadian Tire. The website has been improving in functionality as you highlighted Allan, but maybe just talk about where we are at in terms of the evolution of the online business for tire.
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Allan MacDonald, Canadian Tire Corporation, Limited - President, Canadian Tire Retail [35]
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Yes, I think the online business for us is an interesting one and, obviously, very, very important. We think of it in terms of one aspect of the connected retail experience.
And we have a unique model at Canadian Tire with how our inventory is deployed across market, how our categories play out. They don't all act and look the same when it comes to e-commerce solutions. And we are working really diligently to create a Canadian Tire solution to e-commerce that is going to serve us well with our priorities.
And really when you think about it from the standpoint of how we are evolving it's really about timing, priority and discipline. It's very much part of our plans. We are very pleased with the progress we are making to date.
We always weigh it in terms of where our focus is on the product side of our business and the experience side and the traffic side in terms of our digital ecosystem. And we are right where we should be in my opinion.
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Mark Petrie, CIBC World Markets - Analyst [36]
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And you talked about better leveraging or leveraging how your inventory is distributed. Home delivery right now is in part of the offer from you guys. Is that something that you think customers are demanding, and is it possible to be shipping from stores as a potential way to deliver that?
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Allan MacDonald, Canadian Tire Corporation, Limited - President, Canadian Tire Retail [37]
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Well, we are shipping from stores today. It's funny because Canadian Tire in a lot of ways is a pioneer. We have been shipping from stores for a long time and continue to do so.
I was with Ford Dealers yesterday and they all had home deliveries yesterday. That's a normal course of business for us.
So really how you shift that into a full-service e-commerce offering is really about timing and priorities for us. It's something that's very much, obviously, in our line of sight.
We are very close to how our customers are responding to our in-store experience and our digital experience and our product experience, quite frankly. And from a priority standpoint I think we are in the right place.
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Mark Petrie, CIBC World Markets - Analyst [38]
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And where does, I mean, because I think the other big topic as it relates to online and I would be interested where does this rank as a priority is the flyer. Because today items that are on the flyer aren't available for quick and collect. How do you think about your positioning as a high-low retailer versus the e-commerce market place which is predominantly EDLP?
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Allan MacDonald, Canadian Tire Corporation, Limited - President, Canadian Tire Retail [39]
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Well, it's interesting. There's a couple of things there. So there's the flyer is a marketing tool which is very much one of our top priorities.
How do you replace in eventually a paper flyer with a digital flyer and how do you get the readership which is very closely connected to why we are so obsessed with how many visitors we get to our website and our app and our digital ecosystem overall. We need to make sure we have that captive audience and it's been a priority for us and it's going really well.
The second piece is being a high-low retailer which kind of speaks to a product question, quite frankly. We have now introduced as of a couple of months ago our fall flyer assortment online, so it's very much part of our e-commerce offering and our click and collect business. But more importantly how you compete from a price and product standpoint, whether it's EDLP or high-low, is going to be a factor of the experience you have but predominantly the products you sell.
And our focus on having a unique assortment for the jobs and joys of life in Canada has served us well and we want to make sure we always stay very focused on that. We have to be able to differentiate at the product space.
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Mark Petrie, CIBC World Markets - Analyst [40]
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Okay. Guys, I think we could keep going for another half an hour but we are out of time. So thanks for a much for taking the time.
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Allan MacDonald, Canadian Tire Corporation, Limited - President, Canadian Tire Retail [41]
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Thanks very much.
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Dean McCann, Canadian Tire Corporation, Limited - EVP & CFO [42]
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Thanks, Mark.
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