Canadian Tire Corp Ltd has announced plans to invest C$3.4 billion ($2.66 billion) over the next four years to boost its online business, as it made a shift to e-commerce due to the pandemic.
The company stated that it would expand its rewards program and rollout its premium annual membership across its stores nationwide. It expressed further that it would introduce over 12,000 new products under its owned brands by 2025.
The retail company said it expects to grow same-store sales, excluding fuel, by more than 4% annually by 2025, with a profit target of more than C$26 per share.
The company further stated that operating capital expenditures would come in around C$825 million to C$875 million this year.
The company, which owns SportChek and Mark’s store banners, reported earnings of C$18.38 per share last year.
