"I'm so humbled and excited to earn this scholarship and it will definitely go a long way towards financing my studies, said Chandni Ambwani, an online grocery associate at Walmart's Delta, BC store. Walmart takes great pride in supporting the future leaders of tomorrow." "We are so proud of these associates and their family members and were very impressed with all this year's applicants. Same-store sales were robust, rising 5.2 per cent, and overall revenue climbed 3.4 per cent to $2.81 billion."We are elated to award the Walmart Associate Scholarship to a very diverse and deserving group of students, especially during these unique times," said Nabeela Ixtabalan, Executive Vice President, People and Corporate Affairs for Walmart Canada.
Excluding one-time items, the company earned $1.37 per share, a penny below analysts’ average estimate, according to Thomson Reuters. Wetmore noted that the company’s acquisition of Forzani made good strategic sense at the time and the investment has paid off, but the company was required to winnow down 17 separate store banners and remodel stores under its top banners, a lengthy and capital intensive effort.Ĭanadian Tire also reported Thursday that net income fell 8 per cent to $99.1 million, or $1.18 per share, as expenses rose 7.8 per cent in the three month period ended March 31. “The last thing we ever would have done is buy a fixer-upper.” “Every time I buy a great coat, it’s a bit expensive,” remarked Wetmore, who has committed to stay on for three more years in the CEO role. “While the growth may justify the valuation, we believe that managing a high-end, high-growth, international brand represents a shift in strategy for Canadian Tire, and introduces all the associated uncertainties,” Sklar wrote in a note to clients on Thursday, noting that it will likely be several years before Canadian Tire begins wholesale international distribution of its existing house brands. The acquisition allows the Oslo-based Helly Hansen team to market and develop new products and advise Canadian Tire on “a raft of different products that we should be developing, that we can sell.”īMO Capital Markets analyst Peter Sklar believes the brand aligns well with Canadian Tire’s three main banners, including Sport Chek and Mark’s, but deemed the transaction “expensive,” given its ratio of 18 to 20 times enterprise value to operating earnings on a trailing basis, compared with Canadian Tire’s own valuation of ten times within the same measure. Prior to this acquisition, private-label goods accounted for 30 per cent of sales at Canadian Tire stores, up from 20 per cent in 2012, and 70 per cent of sales at Marks. Why Walmart and Costco keep stealing market share from Canada's grocery giantsĬanadian Tire has been accelerating the acquisitions of national brands and its development of its own in-house brands since 2016 in order to drive more brand-loyal consumers to its stores and increase profitability.Hudson's Bay seeking ways to turn around the slumping fortunes of its Lord & Taylor chain.
On the wholesale side, they will be able to increase their margins because the business will be vertically integrated.” More On This Topic
“This gives Canadian Tire more of a global presence with minimal cost or risk. “From a strategic point of view, (Helly Hansen) looks like a really good acquisition for them,” he said. Since those bruising experiences, Canadian Tire has been very cautious about making international moves, said Alex Arifuzzaman, partner in Toronto-based retail real estate specialist InterStratics Consultants. This advertisement has not loaded yet, but your article continues below.