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