Canadian Tire aims to save $200 million a year by centralizing operations for banners such as Mark’s and SportChek

Canadian Tire Corp Ltd unveiled a plan to save at least $200 million annually by 2022 after missing third-quarter revenue and profit estimates as the retailer faced intense competition from Walmart and Amazon.com.

The savings plan and an increased quarterly dividend overshadowed the downbeat quarterly results and pushed shares up as much as 4 per cent on Thursday.

Canadian Tire said it is looking to cut costs by centralizing operations such as marketing and sourcing for its multiple banners including Mark’s and SportChek.

Canadian Tire ready for ‘whoever comes at us’ amid e-commerce push: CFO

Click here to read the article in Financial Post

2019-11-08T11:22:11-04:00 November 8th, 2019|