2024-02-15 14:45:02 ET
Canadian Tire Corporation, Limited (CDNTF)
Q4 2023 Earnings Conference Call
February 15, 2024, 08:00 AM ET
Company Participants
Karen Keyes - Head, IR
Greg Hicks - President and CEO
Gregory Craig - EVP and CFO
TJ Flood - EVP and President, Canadian Tire Retail
Conference Call Participants
Irene Nattel - RBC Capital Markets
George Doumet - Scotiabank
Mark Petrie - CIBC
Luke Hannan - Canaccord Genuity
Chris Li - Desjardins
Vishal Shreedhar - National Bank
Brian Morrison - TD
Presentation
Operator
Thank you for standing by. My name is Daniel and I will be your conference operator today. Welcome to the Canadian Tire Corporation Earnings Call. [Operator Instructions]
Now I will pass along to Karen Keyes, Head of Investor Relations for Canadian Tire Corporation. Karen?
Karen Keyes
Thank you, Daniel. Good morning, everyone. Welcome to Canadian Tire Corporation's fourth quarter and 2023 year end results conference call. With me today are Greg Hicks, President and CEO; Gregory Craig, Executive Vice President and CFO; and TJ Flood, Executive Vice President and President of Canadian Tire Retail.
Before we begin, I wanted to draw your attention to the earnings disclosure which is available on the website. It includes cautionary language about forward-looking statements, risks and uncertainties which also apply to the additional material included this quarter to help you better understand the results discussion during the call.
After our remarks today, the team will be happy to take your questions. We will try to get in as many questions as possible but ask that you limit your time to one question plus a follow up before cycling back into the queue and we welcome you to contact Investor Relations if we don't get through all the questions today.
I'll now turn the call over to Greg. Greg?
Greg Hicks
Thank you, Karen. Good morning and welcome everyone.
I'll start by saying that our Q4 and full year 2023 results fell short of our expectations. Even when normalized for the unusual items that came our way in 2023, our quarterly and annual EPS ended well below 2022. This past year was challenging, more so than we expected at the outset given rising interest rates, stubborn inflation impacting discretionary spend and unfavorable weather, but we believe these headwinds are temporary.
We faced unfavorable weather throughout the year, especially in Q4. We estimate that weather accounted for around half of the comparable sales decline in the quarter. The team once again proved their unrelenting ability to work through and execute against the macroeconomic environment and other headwinds while also building for the future. I sincerely thank them for living our core values and our brand purpose that we are here to make life in Canada better, no matter the circumstances. While we have made progress over the years in weatherproofing our business, we live and operate in Canada where weather can be unpredictable. That said, we know we need to be well stocked in weather related categories to support our customers' seasonal needs....
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Canadian Tire Corporation, Limited (CDNTF) Q4 2023 Earnings Call Transcript