Canadian Tire Corporation, Limited announced Thursday financial results for its first quarter ended March 29, 2025.
- Consolidated comparable sales growth was 4.7%; Retail Revenue was up 4.0%.
- Q1 saw essential and discretionary purchasing up, with increased customer traffic.
- Q1 Normalized Diluted Earnings Per Share (EPS) was $2.18, up $0.80; Diluted EPS was $0.67, down $0.71 compared to the prior year.
“We had a strong quarter of sales and earnings growth, as we controlled the controllables, elevated customer loyalty, and delivered the great value and seasonal products customers were seeking. It’s clear Canadians are choosing CTC,” said Greg Hicks, President and CEO, Canadian Tire Corporation.
“Since March, we also announced our new transformative growth strategy – True North – and have hit the ground running with investments in new store concepts, dramatic expansion of Triangle Rewards including new RBC and WestJet loyalty partnerships, and a new company structure that maximizes our world-class customer insights and our ability to go to market in more efficient and modern ways.”
Canadian Tire Corporation, Limited has been a Canadian business since 1922. Its banners include Party City and PartSource; Mark’s; SportChek, Hockey Experts, Sports Experts and Atmosphere; and Pro Hockey Life. CTC’s banners, brand partners and credit card offerings are unified through its Triangle Rewards loyalty program. With nearly 12 million members, Triangle integrates first-party data to deliver valuable rewards and personalized experiences across nearly 1,700 retail and gasoline outlets. CTC also operates a retail petroleum business and a Financial Services business and holds a majority interest in CT REIT, a TSX-listed Canadian real estate investment trust.
“During the first quarter, CTC launched True North, its new four-year transformative growth strategy, designed to drive core retail growth through four strategic cornerstones: disciplined capital investments to build exceptional digital and store experiences; an expanded Triangle Rewards loyalty system; creating more personalized and data-driven customer relationships; and a more agile, tech-driven and efficient operating company. The strategy is designed to increase shareholder value above the Company’s historic levels. True North includes more than $2 billion in capital investment over the four years starting in 2025 across a series of value creating initiatives in each focus area, which will be overseen by a newly established transformation management office,” said the company.
“As part of True North‘s focus on expanding the Triangle Rewards system, the Company announced today a new partnership with WestJet Rewards, in addition to its March 27th announcement of the addition of RBC as a strategic Triangle partner. Both partnerships are expected to launch in 2026 and will be key building blocks for the strategy, creating more value for Triangle members, increasing member acquisition and engagement, and contributing to retail sales growth by expanding the reach and issuance of Canadian Tire Money beyond CTC’s retail banners and Canadian Tire Bank.”
Canadian Tire said True North‘s store enhancement program will invest in modern new store formats, expected to improve sales, margin and customer experience. Planned investments in 2025 include more than 30 Canadian Tire store projects and 18 Mark’s store projects, including seven new Bigger, Better, Bolder stores, capitalizing on Mark’s record of accretive returns and emerging market share opportunities in the casual apparel sector. In addition, SportChek is optimizing its portfolio, and opened with the second of its two new concept “Destination Sport” stores, located in Toronto, Ontario, in April of 2025.
“Since announcing the True North strategy, the Company has begun restructuring into a more agile operating company under a new senior leadership team,” it said.
“CTC is making progress towards the completion of its previously announced divestiture of the Helly Hansen business. The transaction is expected to close before the end of the second quarter, unlocking capital for shareholders and strategic capital investments.”
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