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Canadian Tire Corp’s work on its brand pays off with profit up 20%

TORONTO — Canadian Tire is reaping the sales benefits from its efforts to appeal to young active families and from improving its assortment of house branded goods, its CEO said Thursday.

“The success we are seeing here really comes down to how our customers view our brand,” Michael Medline told analysts on a conference call after the retailer posted a 20 per cent boost in profit for the third quarter. That demographic, reached through a series of ads and in-store merchandising promoting the retailer as a destination for outdoor and sporting activities and home and car essentials, has “responded very positively to our efforts,” Medline said.

Canadian Tire has also been working to reduce overhead costs and become more productive, the CEO added, and reducing expenses by consolidating suppliers. “I have more confidence in the business today that I might have had even a year or so ago,” he said.

Resource By:-http://business.financialpost.com/investing/market-moves/canadian-tire-corps-network-improvements-pay-off-with-profit-up-20

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