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Canadian Tire Financial Analysis

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Financial Analysis| | Prepared by: Shawn Song, Ivy Bao Teacher: Ms. TongCourse Code: BAT4M1-05Due Date: March 23rd, 2011| [Canadian Tire corporation, limited]| For Days Like Today. | Executive Summary Canadian Tire Corporation, Limited is a Canadian corporation that offers goods and services that meet life’s everyday needs. The corporation has an interrelated network business engaged in retailing goods, apparel, petroleum, and the financial and automotive services. The company was founded in 1922 by J.

William Billes and Alfred J. Billes in Toronto, Ontario.

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Today, Canadian Tire Corporation has grown to a diverse network of business with more than 1,200 general merchandise and apparel retail stores and gas bars, as well as a major financial services provider. With more than 58,000 employees, the red triangle becomes one of the nation’s most trusted brands. According to the financial analysis, Canadian Tire had a successful business year during 2010. The gross operating revenue had growth of $294. million with a rate of 3. 4%. The net income was increased from 5.

0 million to $453. 6 million, with a significant rate of 35. 4%. Though the corporation’s total assets had a slight decrease of 1. 2%, the total liabilities had decreased by 9. 4%. As a result, there was a 10. 3% increase in the shareholders’ equity compared to 2009. This growth in the shareholders’ equity is expected by the investors and it will make them more confident to invest in the business and will attract more potential investors.

Overview Canadian Tire Corporation, Limited is one of the 60 largest publicly traded companies in Canada. The corporation has an interrelated network business targeting in retailing goods, apparel, petroleum, and the financial and automotive services. Canadian Tire has more than 58,000 employees across Canada working in offering goods and services that can meet Canadians’ every day needs under one the nation’s most trusted brands—the red triangle. The usiness includes Canadian Tire Retail as Canada’s most-shopped the general merchandise retailer, Canadian Tire Petroleum being one of the country’s largest and most productive independent retailers of gasoline, PartSource as an automotive parts specialty chain, Mark’s Work Wearhouse being one of the country’s leading work apparel retailers, and finally, Canadian Tire Financial Services which manages Canadian Tire MasterCard accounts, markets related financial products, and services for retail and petroleum customers. The corporation’s head office is located in Toronto, Ontario.

The first Canadian Tire store was opened by two brothers, J. William Billes and Alfred J. Billes in Toronto on September 15, 1922. They bought the Hamilton Tire and Garage Ltd. located at the corner of Gerrard and Hamilton Streets with a saving of $1,800. In 1928, J. W. and A. J. Billes produced their first catalogue. Six years later, in 1934, the first associate store was opened in Hamilton, Ontario, serving as a catalyst for the successful development of the business. Then, in 1937, Canadian Tire’s main store and head office was moved to Yonge Street and Davenport Street which remains as a chain store.

Today, the corporation has grown to having more than 1,200 general merchandise and apparel retail stores and gas bars and being a publicly traded company on the Toronto Stock Exchange. Canadian Tire Retail, the main engine of the growth of the corporation, has become one of Canada’s largest and newest store networks with a near-universal awareness of the brand. Canadians shop at least once a year in the corporation’s shops and 90 per cent of Canadian live within 25 kilometres of a Canadian Tire store now. Financial Analysis Horizontal Analysis Canadian Tire Corporation, Limited|

Balance Sheet| January 1| | | | Increase (Decrease) during 2010| | 2011| 2010| Amount| Percentage| Assets| | | | | Current assets| $ 5,004. 6| $ 5,196. 2| $ (191. 6)| (3. 7%)| Capital assets (net)| 3,759. 5| 3,676. 5| 83. 0| 2. 3%| Total assets| $ 8,764. 1| $ 8,872. 5| $ (108. 4)| (1. 2%)| Liabilities| | | | | Current liabilities| $ 2,112. 1| $ 2,647. 8| $ (535. 7)| (20. 2%)| Long-term liabilities| 2,585. 3| 2,536. 8| 48. 5| 1. 9%| Total liabilities| 4,697. 4| 5,184. 6| (487. 2) | (9. 4%)| Shareholders’ Equity| | | | |

Common shares| 673. 2| 674. 2| (1. 0)| (0. 1%)| Retained earnings| 3,393. 5| 3,013. 7| 379. 8| 12. 6%| Total shareholders’ equity| 4,066. 7| 3,687. 9| 378. 8| 10. 3%| Total liabilities and shareholders’ equity| $ 8,764. 1| $ 8,872. 5| $ (108. 4)| (1. 2%)| Figure 1 the comparative balance sheet from year 2009 to 2010 ($ in millions). Data retrieved from consolidated balance sheets in Appendix D. The above figure is the comparative balance sheet of Canadian Tire Corporation, Limited. or the year 2009 to 2010. In the assets section, though current assets decreased by 3. 7%, the total assets decreased only by 1. 2% because the net capital assets increased by 2. 3%. The similar trend appeared in the liabilities section, too. The current liabilities decreased by 20. 2% while the long-term liabilities increased by 1. 9%. As a result, the total liabilities decreased by 9. 4%. In the shareholders’ equity section, there was a 0. 1% decrease in the common shares but 12. 6% increase for the retained earnings which made the total shareholders’ equity increase by 10. 3%.

Even though the trends in general were decreasing, there was a higher decrease in the liabilities than in the assets, making an increase in the shareholder’s equity as the company retained more income. Canadian Tire Corporation, Limited| Income Statement| For the Year Ended January 1| | | | Increase (Decrease) during 2010| | 2011| 2010| Amount| Percentage| Gross operating revenue| $ 8,980. 8| $ 8,686. 5| $ 294. 3| 3. 4%| Cost of merchandise sold| 8,000. 2| 7,788. 1| 212. 1| 2. 7%| Gross profit| 980. 6| 898. 4| 82. 2| 9. 1%| Total operating expenses| 383. | 419. 2| (35. 6)| (8. 5%)| Income before income taxes| 597. 0| 479. 2| 117. 8| 24. 6%| Income taxes expense| 143. 4| 144. 2| (0. 8)| (0. 6%)| Net income| 453. 6| 335. 0| 118. 6| 35. 4%| Figure 2 the comparative income statement from year 2009 to year 2010 ($ in millions). Data retrieved from the consolidated statement of earnings in Appendix A. This is the comparative income statement of Canadian Tire Corporation, Limited for the year 2009 and 2010 is shown in figure 2. During the year 2010, the gross operating revenue increased by 3. %. The cost of merchandise sold also increased by 2. 7% and the gross profit increased by 9. 1% under the effect of the increased revenue. The operating expenses have decreased by 8. 5%. The income taxes expense had a smaller decrease of 0. 6%. The resultant net income was significantly increased by 35. 4%. The data indicates that the company had a successful fiscal year. Canadian Tire Corporation, Limited| Statement of Retained Earnings| For the Year Ended January 1| | | | Increase (Decrease) during 2010| | 2011| 2010| Amount| Percentage| Retained earnings, beginning of the year| $ 3,013. | $ 2,752. 4| $ 261. 3| 9. 5%| Add: Net income| 453. 6| 335. 0| 118. 6| 35. 4%| | 2,560. 1| 2,417. 4| 142. 7| 5. 9%| Less: Dividends| 73. 8| 68. 7| 5. 1| 7. 4%| Retained earnings, end of the year| $ 3,393. 5| $ 3,013. 7| $ 379. 8| 12. 6%| Figure 3 the comparative statement of retained earnings from year 2009 to 2010 ($ in millions). Data retrieved from the consolidated statements of changes in shareholders’ equity in Appendix B. Figure 3 shows the comparative statement of retained earnings of Canadian Tire Corporation, Limited for the year 2009 and 2010.

The begging retained earnings increased by 9. 5% than the year before. The net income increased 35. 4% which is consistent with the amount shown in the income statement. For the dividends, there was an increase of 7. 4% during 2010. The ending retained earnings were increased by 12. 6%. The data here suggested that the company had retained a significant amount of income during 2010. Figure 4 the gross operating revenue over ten years. Data retrieved from the ten-year financial review in Appendix F. Figure 4 shows the gross operating revenue of Canadian Tire Corporation, Limited over the past ten years.

According to the graph, the general trend is increasing from year to year. The gross operating revenue kept increasing from 2001 to 2008. In 2008, the company retained its highest amount of operating revenue within the past ten years. The only decrease happened between the year 2008 and 2009 and the revenue in 2009 was still higher than the revenue in 2007. Then, in the following year, 2010, the revenue was increased again. The trend here suggests that the business is growing healthily over years. Figure 5 the net earnings over ten years. Data retrieved from the ten-year financial review in Appendix F.

This graph shows the net earnings of Canadian Tire Corporation, Limited over the past ten years. Similar to the graph for the gross operating revenue, there is also an increasing trend from year to year with the exceptions from 2007 to 2009. The net earnings decreased from 2007 to 2009. However, in the year 2010, the net earnings increased significantly to the highest point within the past ten years. The graph suggests that business is keeping doing well and keep retaining more profit. Figure 6 the dividends declared over ten years. Data retrieved from the ten-year financial review in Appendix F.

The graph above shows the dividends declared from 2001 to 2010 for Canadian Tire Corporation, Limited. The trend here suggests that the dividends were increasing in a steady pace from year to year. Vertical Analysis Canadian Tire Corporation, Limited| Condensed Balance Sheet| January 1| | 2011| 2010| Assets| Amount| Percentage| Amount| Percentage| Current assets| $ 5,004. 6| 57. 1%| $ 5,196. 2| 58. 6%| Capital assets (net)| 3,759. 5| 42. 9%| 3,676. 5| 41. 4%| Total assets| $ 8,764. 1| 100. 0%| $ 8,872. 5| 100. 0%| Liabilities| | | | | Current liabilities| $ 2,112. 1| 24. 1%| $ 2,647. 8| 29. %| Long-term liabilities| 2,585. 3| 29. 5%| 2,536. 8| 28. 6%| Total liabilities| 4,697. 4| 53. 6%| 5,184. 6| 58. 4%| Shareholders’ Equity| | | | | Common shares| 673. 2| 7. 7%| 674. 2| 7. 6%| Retained earnings| 3,393. 5| 38. 7%| 3,013. 7| 34. 0%| Total shareholders’ equity| 4,066. 7| 46. 4%| 3,687. 9| 41. 6%| Total liabilities and shareholders’ equity| $ 8,764. 1| 100. 0%| $ 8,872. 5| 100. 0%| Figure 7 the condensed balance sheet for year 2009 and 2010 ($ in millions). Data retrieved from the consolidated balance sheets in Appendix D.

The above figure shows the condensed balance sheet for Canadian Tire Corporation, Limited for the year 2009 and 2010. In the assets section, the current assets decreased from 58. 6% to 57. 1% while the capital assets increased from 41. 4% to 42. 9%. The current liabilities decreased from 29. 8% to 24. 1% while the long-term liabilities increased from 28. 6% to 29. 5%. As a result, the total liabilities decreased from 58. 4% to 53. 6%. The change in the common share was slightly 0. 1%. However, there was a 3. 7% increase for the retained earnings and making the shareholders’ equity increase from 41. 6% to 46. 4%.

These results suggest reinforce the earlier observations that the company retained more earnings while reducing the liabilities. Canadian Tire Corporation, Limited| Income Statement| For the Year Ended January 1| | 2011| 2010| | Amount| Percentage| Amount| Percentage| Gross operating revenue| $ 8,980. 8| 100. 0%| $ 8,686. 5| 100. 0%| Cost of merchandise sold| 8,000. 2| 89. 1%| 7,788. 1| 89. 7%| Gross profit| 980. 6| 10. 9%| 898. 4| 10. 3%| Total operating expenses| 383. 6| 4. 3%| 419. 2| 4. 8%| Income before taxes| 597. 0| 6. 6%| 479. 2| 5. %| Income taxes expense| 143. 4| 1. 6%| 144. 2| 1. 7%| Net income| $ 453. 6| 5. 1%| $ 335. 0| 3. 9%| Figure 8 the income statement for the year 2009 and 2010 ($ in millions). Data retrieved from the consolidated statements of earnings in Appendix A. This figure shows the comparative income statement of Canadian Tire Corporation, Limited for the year 2009 and 2010. According to the income statement, the cost of merchandise sold decreased by 0. 6%. The gross profit increased from 10. 3% to 10. 9%. The total operating expenses decreased by 0. 5% and the income taxes expense decreased by 0. %. By increasing the gross profit and decreasing the expenses, the company was able to increase the net income from 3. 9% to 5. 1%. The Canadian Tire Corporation, Limited appears to be a profitable enterprise as it is becoming more and more successful in retaining earnings. Condensed Balance Sheets| (in millions)| | Canadian Tire Corporation, Ltd| Sears Canada Inc. | Assets| Dollars| Percentage| Dollars| Percentage| Current assets| $ 5,209. 2| 58. 7%| $ 2,091. 8| 70. 5%| Capital assets| 3,657. 8| 41. 3%| 876. 3| 29. 5%| Total assets| $ 8,867. 0| 100. 0%| $ 2,968. 1| 100. 0%| Liabilities| | | | |

Current liabilities| $ 2,292. 1| 25. 8%| $ 1,163. 2| 39. 2%| Long-term liabilities| 2,646. 0| 29. 8%| 853. 7| 28. 8%| Total liabilities| 4,938. 1| 55. 7%| 2,016. 9| 68. 0%| Shareholders’ Equity| | | | | Common shares| 694. 1| 7. 8%| 18. 0| 0. 6%| Retained earnings| 3,234. 8| 36. 5%| 933. 2| 31. 4%| Total shareholders’ equity| 3,928. 9| 44. 3%| 951. 2| 32. 0%| Total liabilities and shareholders’ equity| $ 8,867. 0| 100. 0%| $ 2,968. 1| 100. 0%| Figure 9 the condensed interim balance sheets of Canadian Tire Corporation, Limited and Sears Canada Inc. t October for the year 2010. Data retrieved from Appendix G and Appendix H. This figure includes the interim balance sheet from Canadian Tire Corporation, Limited and also one of its main competitors, Sears Canada Inc. at October for the year 2010. Sears Canada Inc. had 70. 5% of current assets which was larger compared to Canadian Tire Corporation, Limited’s 58. 7%. However, Canadian Tire had a larger percentage of capital assets. For the liabilities section, the total liabilities for Canadian Tire were less than it for Sears. In terms of the shareholders’ equity, Canadian Tire also had a larger percentage than Sears.

These amounts indicate that Canadian Tire Corporation, Limited has a stronger financial position in the industry. Ratio Analysis *All the following money figures are expressed in millions of dollars Liquidity Ratios *Refer to Appendix D for Consolidated Balance Sheet for the figures in the ratio calculation Current Ratio: measures short-term debt-paying ability. Current Ratio = Current Assets ? Current Liabilities| Intracompany Comparison| 2010| 2009| 5,209. 2? 2,292. 1= 2. 27: 1| 5,477. 8? 2942. 2= 1. 86 : 1| Canadian Tire has $2. 27 of current assets to meet $1. 00 of its current liabilities. Canadian Tire has $1. 86 of current assets to meet $1. 00 of its current liabilities. | *The current ratio has increased during the current year. | Acid Test Ratio: measures immediate short-term liquidity. Current Ratio = [Cash + Temporary Investments + Receivables (net)] ? Current Liabilities| Intracompany Comparison| 2010| 2009| (554. 3+195. 9+662. 3+2481. 2)? 2,112. 1= 1. 84: 1| (869. 7+64. 0+835. 9+2274. 8)? 2647. 8= 1. 52 : 1| Canadian Tire has $1. 84 of highly liquid assets to meet $1. 00 of its current liabilities. | Canadian Tire has $1. 52 of highly liquid assets to meet $1. 0 of its current liabilities. | *The acid test ratio has increased during the current year. | Profitability Ratios *Refer to Appendix A for Consolidated Statements of Earnings for the figures in the ratios calculation *Refer to Appendix C for Consolidated Statements of Cash Flows the figures in the ratio calculation Profit Margin: measure the percentage of each dollar of sales that result in net income Profit Margin = Net Income ? Net Sales| Intracompany Comparison| 2010| 2009| 453. 6? 8,980. 8? 100%= 5. 05% | 335. 0? 8,686. 5? 100%= 3. 86%| *The profit margin has increased by during the current year. |

Cash Return on Sales: measures the net cash flow generated by cash dollar of sales Cash Return on Sales = Net Cash Provided by Operating Activities ? Net Sales| Intracompany Comparison| 2010| 2009| 991. 2? 8,980. 8? 100%= 11. 0%| 418. 8? 8,686. 5? 100%= 4. 82%| *The cash return on sales has increased during the current year. | Asset Turnover: measures how efficiently assets are used to generate sales. *Refer to Appendix F for Ten-Year Financial Review for the figures in the ratio calculation Asset Turnover = Net Sales ? Average Total Asset| Intracompany Comparison| 2010| 2009| 8,980. 8? [(8,764. 1+8,872. 5)? 2]= 1. 2 times| 8,686. 5? [(8,872. 5+7,783. 8)? 2]= 1. 04| *The asset turnover has decreased during the current year. | Return on Asset: measures the overall profitability of assets Return on Asset = Net Income ? Average Total Assets| Intracompany Comparison| 2010| 2009| 453. 6? [(8,764. 1+8,872. 5)? 2]? 100%= 5. 14%| 335. 0? [(8,872. 5+7,783. 8)? 2] ? 100%= 4. 02%| *The return on sales has increased during the current year. | Return on Equity: measures the profitability of shareholder’s investment Return on Equity = Net Income ? Shareholder’s Equity| Intracompany Comparison| 2010| 2009| 453. 6? 4,066. 7? 100%= 11. 15%| 335. 0? ,687. 9 ? 100%= 9. 08%| *The return on equity has increased during the current year. | Book Value per Share(value not in millions): measures the equity in net assets of each common share *Refer to Appendix E for Consolidated Statements of Earnings for the figures in the ratio calculation Book Value per Share = Shareholder’s Equity ? Number of Common Shares| Intracompany Comparison| 2010| 2009| 4,066. 7? 81. 565,476= $49. 86| 3,687. 9? 81. 565,476= $45. 21| *The book value per share has increased during the current year. | Earnings per Share: measures the net income earned on each common share Earnings per Share = Net Income ?

Number of Common Shares| Intracompany Comparison| 2010| 2009| 453. 6? 81. 565,476= $5. 56| 335. 0? 81. 678,775= $4. 10| *The earning per share has increased during the current year. | Price-Earnings Ratio: measures ratio of the share price to earnings per share Price-Earnings Ratio = Share Price ? Earnings per Share| Intracompany Comparison| 2010| 2009| 75. 00? 5. 56= 13. 49 times| 61. 74? 4. 10= 15. 05 times| Canadian Tire shareholders take 13. 49 times of Earning per Share to cover the current price of the stock| Canadian Tire shareholders take 15. 5 times of Earning per Share to cover the current price of the stock| *The price-earnings ratio has decreased during the current year. | Payout Ratio: measures the percentage of earnings distributed in the form of cash dividends Payout Ratio= Cash Dividends ? Net Income| Intracompany Comparison| 2010| 2009| 73. 816,756? 453. 6? 100%= 16. 27%| 68. 610,154? 453. 6? 100%= 15. 13%| *The payout ratio has increased during the current year. | Solvency Ratios Debt to Total Assets: measures the percentage of total assets provided by creditors Debt to Total Assets = Total Debt ? Total Asset| Intracompany Comparison| 2010| 2009| 4,697. 4? 8,764. 1? 00%= 53%| 3,472. 1? 8,872. 5? 100%= 58%| *The Debt of Total Asset has decreased during the current year (beneficial to have a lower percentage of total debt to total assets) | Cash Total Debt Coverage: measures long-term debt-paying ability on cash basis. Cash Total Debt Coverage = Net Cash Provided by Operating Activities ? Average Total Liability| Intracompany Comparison| 2010| 2009| 991. 2? [(4,697. 4+5,184. 6) ? 2]= 0. 20 times| 418. 8? [(5,184. 6+4218. 8) ? 2]= 0. 09 times| Based on net cash generated by operating activities in 2010, it would take Canadian Tire 5 years(1? 0. 2) to generate enough cash to pay off all its liabilities.

This assumes that all of the net cash is used for this purpose only)| Based on net cash generated by operating activities in 2009, it would take Canadian Tire 11. 1 years(1? 0. 09) to generate enough cash to pay off all its liabilities. (This assumes that all of the net cash is used for this purpose only)| *The price-earnings ratio has decreased during the current year. | Overall Ratio Analysis Ratio| Definition | 2010| 2009| Difference| Current Ratio: | Measures short term debt-paying ability. | 2. 27| 1. 86| +22. 0%| Acid test ratio (quick ratio): | Measures immediate short-term liquidity. | 1. 84| 1. 52| +21. %| Profit Margin: | Measures the percentage of each dollar of sales that result in net income. | 5. 05%| 3. 86%| +30. 9%| Cash Return on Sales: | Measures the net cash flow generated by cash dollar of sales. | 11. 0%| 4. 82%| +128%| Asset Turnover: | Measures how efficiently assets are used to generate sales. | 1. 02 times| 1. 04 times| -1. 92%| Return on Asset: | Measures overall profitability of assets. | 5. 14%| 4. 02%| +27. 9%| Return on Equity: | Measures profitability of shareholder’s investment. | 11. 15%| 9. 08%| +22. 8%| Book Value per Share:| Measures the equity in net assets of each common share. $49. 86| $45. 21| +10. 3%| Earnings per Share:| Measures net income earned on each common share. | $5. 56| $4. 10| +35. 6%| Price-Earnings Ratio:| Measures ratio of the share price to earnings per share. | 13. 49 times| 15. 05 times| -11. 6%| Payout Ratio:| Measures percentage of earnings distributed in the form of cash dividends. | 16. 27%| 15. 13%| +7. 53%| Debt to Total Assets: | Measures percentage of total assets provided by creditors. | 53%| 58%| +9. 43%| Cash Total Debt Coverage:| Measures long term debt-paying ability. (Cash basis). | 0. 2 times| 0. 09 times| +122. 22%| SWOT Analysis Strengths:

Canadian Tire Corporation, Ltd. is one of the major Canadian businesses operating with great success, employing 58,000 workers and owning 1200 franchises. It has a loyal group of clientele since its innovative introduction of Canadian Tire ‘Money’®, a money is gained by purchasing in Canadian Tire and it can only be used in Canadian Tire. Many of goods are offered by Canadian Tire that meet life’s everyday needs, including clothing, petroleum, and general merchandise, to name a few. Canadian Tire now offers an online shopping line, allowing its customers having a more convenient shopping experience.

Customers would like to go shop in Canadian Tire because of the kaleidoscope of goods that Canadian Tire is able to provide. Canadian Tire is dispersed in a way that it is able to reach many citizens, its distribution allows it to reach more than 11 million homes. Its location is designed to serve more than 90% of the population. Weekly flyers are given out to each neighbourhood to advertise sales, thus attracting numerous customers Weakness Even though Canadian Tire is a successful Canadian company, it is having a very hard time expanding on a global scale.

It is more focused on American lifestyle instead of global scale, as it has lost nearly 300 million dollars on a geographic expansion. If Canadian Tire is able to do proper market research, then it will have a better chance excelling in expanding worldwide. Canadian Tire needs to do more market research in terms of within Canada too, as Canadian demographic is changing at a rapid speed, with the exponential growth of immigrants, bringing different cultures and lifestyles. Canadian Tire needs to provide more variety of goods to meet the different cultures, be on par with the ever so different society.

Ever since the economic collapse in 2008, the market has not been fully recovered yet. The recession decreased the growth in sales for Canadian Tire, as seen comparing the figures from 2008 to 2009. Furthermore, inflation is not decreasing, and prices for goods are increasing while the income of many families are decreasing. This decreases the number of customers that can afford the goods. Opportunities Canadian Tire has the unique chance to play on the patriotic side of the market, since many stores are owned by Americans, Canadian Tire could further ignite patriotism in its citizens, emphasizing that it is owned by Canadians.

When shopping is associated with national pride, then Canadian Tire can be preferred by citizens Canadian Tire is special since it provides the automotive services while selling automotive parts, it is closely located beside the petroleum stores. Canadian Tire can buy more petroleum agencies to expand the business. Similar to many other competitors, Canadian Tire could also diversify its market by selling groceries as merchandises. SuperCentres are popular now, where people can buy goods and groceries, increasing convenience, and therefore increase sales.ф

Cite this Canadian Tire Financial Analysis

Canadian Tire Financial Analysis. (2017, Jan 31). Retrieved from https://graduateway.com/canadian-tire-financial-analysis/

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