TORONTO, March 28,
2023 /CNW/ - Canadian Tire Corporation, Limited (TSX:
CTC) (TSX: CTC.A) ("CTC" or the "Company") today provided an update
following the March 15th
fire at its A.J. Billes Distribution Centre located at 8550 Goreway
Drive in Brampton, Ontario. The
Distribution Centre services Canadian Tire Retail (CTR) stores
nationally and is one of CTC's largest distribution centres in the
country.
Employees were safely evacuated from the Distribution Centre
following well-executed emergency protocols. CTC would like to
thank the firefighters and first responders who worked tirelessly
to contain the fire and helped protect the health and safety of its
team members.
Operations at the facility have been suspended since
March 15th. Remediation
efforts are underway, including electrical remediation, structural
assessments and cleanup. Onsite cleaning crews are prioritizing
areas that will allow phased operations to resume as quickly as
possible. In the meantime, CTC continues to transition some of its
priority inventory to its other Ontario distribution centres and is setting up
temporary facilities to help manage the flow of product to Canadian
Tire Retail stores.
The extent of the damage and remediation and recovery timelines,
as well as the impact on CTC's financial results, are still being
assessed. Some of the anticipated costs, including lost
inventory, building damage, cleanup, repairs, as well as delayed
shipments due to the temporary shutdown of the facility, are
expected to impact first quarter results. CTC will continue working
with its insurance provider on this matter over the coming
months.
Further details will be shared as part of CTC's Q1 2023 results,
to be released on May 11, 2023.
FORWARD-LOOKING INFORMATION
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. 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 more than 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