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Canadian Tire Corporation Kicks off 2015 with Strong Growth
Across all Businesses

Same store sales up in all core retail banners:
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4.7% at Canadian Tire
o
8.6% at FGL Sports
o
5.5% at Mark’s

Financial Services posts record first quarter income before taxes

Diluted EPS flat to last year, despite owning 20% less of Financial Services business
TORONTO, May 14, 2015 – Canadian Tire Corporation, Limited (TSX:CTC, TSX:CTC.A) today
released first quarter results for the period ended April 4, 2015.
“We had a great start to the year with strong sales across the retail businesses and impressive
results at Financial Services. We once again owned the seasonal business and customers
responded well to our assortments, helping drive the Canadian Tire banner to its best comparable
store sales result in a decade,” said Michael Medline, President and CEO, Canadian Tire
Corporation. “The first quarter is always our smallest, but I am pleased to see continued momentum
from all of our businesses.”
CONSOLIDATED OVERVIEW

Excluding Petroleum, consolidated revenue increased $46.1 million, or 2.2%. As a result of
lower gas prices, consolidated revenue declined 2.3% or $58.2 million versus the prior year.

Gross average credit card receivables grew 6.8% over the same period last year.

Diluted EPS was $0.88 in the quarter, flat to the first quarter of last year.
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RETAIL OVERVIEW

Retail segment revenue decreased 3.7% in the quarter, primarily due to the decline in gas
prices. Excluding Petroleum, Retail segment revenue increased 1% over the same period
last year.

Income before income taxes in the Retail segment was $19.7 million, up 18.6% over the first
quarter last year.

Canadian Tire Retail saw retail sales increase 4.5% and same store sales up 4.7% over the
same period last year.

FGL Sports’ retail sales and same store sales were both up 8.6% over the same period last
year. Same store sales at Sport Chek were up 8.7% in the first quarter.

Mark’s retail sales grew 4.4% and same store sales increased 5.5%.
CT REIT OVERVIEW

As disclosed in the Q1 2015 CT REIT release issued May 12, 2015, CT REIT completed five
acquisitions, one development land acquisition and three intensifications at a total cost of
$75.7 million in the quarter.

CT REIT also announced that it intends to make a further 11 investments in acquisitions or
property intensifications over the year, all of which are properties with existing Canadian Tire
stores and will require an estimated investment of $73.5 million.
FINANCIAL SERVICES OVERVIEW

Financial Services posted first quarter gross average credit card receivables growth of 6.8%.

Income before income taxes rose 22.6% to $100.9 million.
CAPITAL EXPENDITURES

Operating capital expenditures were $76.3 million in the first quarter, up 11.9% over the prior
year, consistent with the Company’s previously disclosed plans for real estate investments
and ongoing technology initiatives.

Operating capital spending for 2015 is on track to be within the range of $600 million to $625
million, excluding investments required for additional distribution capacity, costs to fund CT
REIT’s growth strategy and costs incurred relating to the recently announced agreement to
acquire 12 strategic real estate leases, formerly held by Target Canada which is subject to
court approval.
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
If required, the Company will update its capital expenditure guidance as part of its second
quarter disclosure documents.
QUARTERLY DIVIDEND

The Company has declared dividends payable to holders of Class A Non-Voting Shares and
Common Shares at a rate of $0.525 per share payable on September 1, 2015 to
shareholders of record as of July 31, 2015. The dividend is considered an “eligible dividend”
for tax purposes.
SHARE REPURCHASE

On October 9, 2014, CTC announced that it intended to repurchase $400 million of its Class
A Non-Voting Shares in excess of the amount required for anti-dilutive purposes through to
the end of 2015. As at April 4, 2015 CTC had repurchased $138.3 million towards this
commitment, leaving $261.7 million remaining to be repurchased in fiscal 2015.
NORMAL COURSE ISSUER BID UPDATE

On February 26, 2015, the Toronto Stock Exchange accepted the Company’s notice of
intention to make a Normal Course Issuer Bid (NCIB) to purchase up to 4.0 million Class A
Non-Voting Shares between March 2, 2015 and March 1, 2016 (the “2015 NCIB”).

As at April 4, 2015, the Company had purchased 435,700 Class A Non-Voting Shares at a
cost of $56.5 million under the 2015 NCIB, including the amount required for anti-dilutive
purposes.
For additional information, refer to the Company’s Q1 2015 Management’s Discussion and Analysis.
FORWARD-LOOKING STATEMENTS
This document contains forward-looking information that reflects management's current expectations
related to matters such as future financial performance and operating results of the Company. Forwardlooking statements are provided for the purposes of providing information about management's current
expectations and plans and allowing investors and others to get a better understanding of our anticipated
financial position, results of operations and operating environment. Readers are cautioned that such
information may not be appropriate for other purposes.
All statements other than statements of historical facts included in this document may constitute forwardlooking information, including but not limited to, statements concerning the Company’s operating capital
spending for 2015 under the heading “Capital Expenditures”, the Company’s intention to acquire Class A
Non-Voting Shares under its 2015 normal course issuer bid under the headings “Share Repurchase” and
“Normal Course Issuer Bid Update” and other statements concerning management's expectations relating
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to possible or assumed future prospects and results, our strategic goals and priorities, our actions and the
results of those actions and the economic and business outlook for us. Forward-looking information is
based on the reasonable assumptions, estimates, analyses, beliefs and opinions of management made in
light of its experience and perception of trends, current conditions and expected developments, as well as
other factors that management believes to be relevant and reasonable at the date that such information is
provided.
By its very nature, forward-looking information requires us to make assumptions and is subject to inherent
risks and uncertainties, which give rise to the possibility that the Company's assumptions, estimates,
analyses, beliefs and opinions may not be correct and that the Company's expectations and plans will not
be achieved. Although the Company believes that the forward-looking information in this document is
based on information, assumptions and beliefs which are current, reasonable and complete, this
information is necessarily subject to a number of factors, risks and uncertainties that could cause actual
results to differ materially from management's expectations and plans as set forth in such forward-looking
information.
For more information on the risks, uncertainties and assumptions that could cause the Company's actual
results to differ from current expectations, refer to section 2.10 (Risk Factors) of our Annual Information
Form for fiscal 2014 and to sections 6.4.1.3 (Retail segment business risks), 6.4.2.3 (CT REIT segment
business risks), 6.4.3.3 (Financial Services segment business risks) and 10.0 (Enterprise Risk
Management) and all subsections thereunder of our 2014 Management's Discussion and Analysis, as
well as the Company’s other public filings, available at www.sedar.com and at www.corp.canadiantire.ca.
Statements that include forward-looking information do not take into account the effect that transactions
or non-recurring or other special items announced or occurring after the statements are made have on
the Company's business. For example, they do not include the effect of any dispositions, acquisitions,
asset write-downs or other charges announced or occurring after such statements are made.
The forward-looking statements and information contained herein are based on certain factors and
assumptions as of the date hereof. 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.
CONFERENCE CALL
Canadian Tire will conduct a conference call to discuss information included in this news release and
related matters at 1:30 p.m. ET on May 14, 2015. The conference call will be available simultaneously
and in its entirety to all interested investors and the news media through a webcast at
http://corp.canadiantire.ca/EN/investors, and will be available through replay at this website for 12
months.
About Canadian Tire Corporation
Canadian Tire Corporation, Limited, (TSX:CTC.A) (TSX:CTC) or "CTC," is a family of businesses 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 categories. 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, and FGL Sports (Sport Chek, Hockey Experts, Sports Experts, National Sports,
Intersport, Pro Hockey Life and Atmosphere), which offers the best active wear brands. The nearly 1,700
retail and gasoline outlets are supported and strengthened by our Financial Services division and the tens
of thousands of people employed across the Company. For more information, visit Corp.CanadianTire.ca.
FOR MORE INFORMATION
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Media: Sandra Buckler, 416-480-3559, [email protected]
Investors: Lisa Greatrix, 416-480-8725, [email protected]
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