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Q4 and 2019 Full Year CTC Earnings Call Transcript Final.1

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Q4 and 2019 Full Year CTC Earnings Call Transcript Final.1 CANADIAN TIRE CORPORATION, LTD. Q4 and Full Year 2019 EARNINGS CONFERENCE CALL Thursday, February 13, 2020 – 8:00 A.M. ET DISCLAIMER believes that the forward-looking information in this document is based on information, assumptions and beliefs that are current, reasonable and The information contained in this transcript is a textual representation of complete, such information is necessarily subject to a number of factors the Canadian Tire Corporation, Limited (the “Company”) Q4 and Full year that could cause actual results to differ materially from Management’s 2019 earnings conference call and while efforts are made to provide an expectations and plans as set forth in such forward-looking statements. accurate transcription, there may be material errors, omissions, or Some of the factors, many of which are beyond the Company’s control inaccuracies in the reporting of the substance of the conference call. This and the effects of which can be difficult to predict, include: (a) credit, transcript is being made available for information purposes only. The market, currency, operational, liquidity and funding risks, including information set out in this transcript is current only as of the date of the changes in economic conditions, interest rates or tax rates; (b) the ability webcast and may be replaced by more current information. The Company of the Company to attract and retain high-quality employees for all of its does not undertake to update the information, whether as a result of new businesses, Dealers, Canadian Tire Petroleum retailers, and Mark’s and information, future events or otherwise. In no way does the Company FGL franchisees, as well as the Company’s financial arrangements with assume any responsibility for any investment or other decisions made such parties; (c) the growth of certain business categories and market based upon the information provided on the Company’s web site or in this segments and the willingness of customers to shop at its stores or acquire transcript. Users are advised to review the webcast (available at the Company’s owned brands or its financial products and services; (d) http://investors.canadiantire.ca) itself and the Company’s regulatory the Company’s margins and sales and those of its competitors; (e) the filings before making any investment or other decisions. changing consumer preferences and expectations related to eCommerce, online retailing and the introduction of new technologies; (f) the possible effects on our business from international conflicts, political conditions, and developments including changes relating to or affecting FORWARD LOOKING INFORMATION economic or trade matters; (g) risks and uncertainties relating to information management, technology, cyber threats, property This document contains forward-looking statements that reflect management and development, environmental liabilities, supply chain management’s current expectations relating to matters such as future management, product safety, changes in law, regulation, competition, financial performance and operating results of the Company. Forward- seasonality, weather patterns, climate change, commodity prices and looking statements provide information about Management’s current business disruption, the Company’s relationships with suppliers, expectations and plans, allowing investors and others to get a better manufacturers, partners and other third parties, changes to existing understanding of the Company’s anticipated financial position, results of accounting pronouncements, the risk of damage to the reputation of operations and operating environment. Readers are cautioned that such brands promoted by the Company and the cost of store network information may not be appropriate for other purposes. expansion and retrofits; (h) the Company’s capital structure, funding strategy, cost management programs, and share price and (i) the Certain statements other than statements of historical facts included in Company’s ability to obtain all necessary regulatory approvals. this document may constitute forward-looking statements, including, but Management cautions that the foregoing list of important factors and not limited to, statements concerning Management’s current expectations assumptions is not exhaustive and other factors could also adversely relating to possible or assumed future prospects and results, the affect the Company’s results. Investors and other readers are urged to Company’s strategic goals and priorities, its actions and the results of consider the foregoing risks, uncertainties, factors and assumptions those actions and the economic and business outlook for the Company. carefully in evaluating the forward-looking statements and are cautioned Often, but not always, forward-looking statements can be identified by the not to place undue reliance on such forward-looking statements. use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “believe”, “estimate”, “plan”, “can”, “could”, “should”, “would”, For more information on the risks, uncertainties and assumptions that “outlook”, “forecast”, “anticipate”, “aspire”, “foresee”, “continue”, could cause the Company's actual results to differ from current “ongoing” or the negative of these terms or variations of them or similar expectations, please refer to the "Risk Factors" section of our Annual terminology. Forward-looking statements are based on the reasonable Information Form for fiscal 2019 and our 2019 Management's Discussion assumptions, estimates, analyses, beliefs and opinions of Management, and Analysis, as well as Canadian Tire's other public filings, available at made in light of its experience and perception of trends, current www.sedar.com and at www.corp.canadiantire.ca. conditions and expected developments, as well as other factors that Management believes to be relevant and reasonable at the date that such The forward-looking information contained herein is based on certain statements are made. factors and assumptions as of the date hereof and does not take into account the effect that transactions or non-recurring or other special By their very nature, forward-looking statements require Management to items announced or occurring after the statements are made have on the make assumptions and are subject to inherent risks and uncertainties, Company’s business. which give rise to the possibility that the Company’s assumptions, estimates, analyses, beliefs and opinions may not be correct and that the The Company does not undertake to update any forward-looking Company’s expectations and plans will not be achieved. Examples of statements, whether written or oral, that may be made from time to time material assumptions and Management’s beliefs, which may prove to be by it or on its behalf, to reflect new information, future events or otherwise, incorrect, include, but are not limited to, the effectiveness of certain except as required by applicable securities laws. performance measures, current and future competitive conditions and the Company’s position in the competitive environment, the Company’s core capabilities, and expectations around the availability of sufficient liquidity to meet the Company’s contractual obligations. Although the Company Page 1 of 18 CANADIAN TIRE CORPORATION, LTD. Q4 and Full Year 2019 EARNINGS CONFERENCE CALL Thursday, February 13, 2020 – 8:00 A.M. ET CORPORATE PARTICIPAN TS Good morning, my name is Lori and I will be your conference Operator today. At this time, I would like Stephen Wetmore to welcome everyone to the Canadian Tire President, Chief Executive Officer Corporation Limited Fourth Quarter and 2019 Year- End Results Conference Call. All lines have been Allan MacDonald placed on mute to prevent any background noise. Executive Vice President, Retail After the speakers’ remarks, there will be a question- and-answer session. If you would like to ask a Dean McCann question during that time, simply press star, then the Executive Vice President, Chief Financial Officer number one on your telephone keypad. To withdraw your question, please press the pound key. We ask Greg Hicks that you limit your time to one question plus a follow- President, Canadian Tire Retail up question before cycling back into the queue. Gregory Craig This morning, Canadian Tire Corporation Limited President, Canadian Tire Financial released their financial results for the fourth quarter of 2019 as well as the full year. A copy of the earnings disclosure is available on their website and includes CONFERENCE CALL PART ICIPANTS cautionary language about forward-looking statements, risks and uncertainties which also apply Patricia Baker to the discussion during today’s conference call. Scotiabank I will now turn the call over to Stephen Wetmore, Irene Nattel President and CEO. RBC Capital Markets Mark Petrie Stephen Wetmore, President, Chief Executive CIBC World Markets Officer, Canadian Tire Corporation Peter Sklar Thank you operator and good morning everyone. I’ll BMO Capital Markets leave the detailed comments on the quarter to Allan and Dean and I’ll focus more on the full year and Vishal Shreedhar some of our key initiatives. National Bank Financial As all of you who cover our business recall, we had a Brian Morrison number of issues that affected our results in the first TD Securities half of 2019, which created quite a challenge as we looked ahead to our final two quarters. However, our Derek Dley Organization has responded extremely well across Canaccord Genuity all our businesses, with consolidated comparable
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