Canadian Tire Among First Canadian Companies to Report Sustainability Metrics on a Quarterly Basis
Efforts reduce energy use, greenhouse gas emissions and waste, generating returns for shareholders
TORONTO, Nov. 11 /CNW/ - Canadian Tire Corporation, Limited (CTC, CTC.a) announced today that 89 sustainability projects have been completed in the third quarter, bringing the total number of projects in 2010 to 203. This represents an annual productivity gain of an estimated $3 million in avoided cost while reducing GHG emissions and waste. Canadian Tire is among the first major Canadian companies to report quarterly on its efforts, reflecting the integration of sustainability into its daily operations and aligning environmental and profit performances.
"This quarter marks Canadian Tire's first, regular quarterly sustainability report on sustainability upgrades and process improvements, low carbon energy generation, and industry product stewardship and recycling programs," said Tyler Elm, Vice President of Business Sustainability, Canadian Tire Corporation. "Focussing on these areas emphasizes our commitment to our sustainability goals and allows us to carefully track our progress as we become more efficient in our business operations."
Specific sustainability measures are reported in relation to three key segments of the business operations: Products; transportation of these products to retail stores; and the operation of the Company's owned and leased buildings. Within these areas, Canadian Tire continues to innovate and has made significant strides this quarter and for the year-to-date:
The 203 business sustainability initiatives completed between January
and September are forecasted to help Canadian Tire avoid using
approximately 71,400 gigajoules of energy and prevent 3,700 tonnes of
greenhouse gas emissions (C0₂-equivalents) each year. This reflects a
savings equivalent to the energy used and greenhouse gas emitted from
powering 674 Canadian homes for a year.
Canadian Tire operates two low carbon energy generation installations
that include solar PV and geothermal technologies. Since the start of
operation in 2008, these installations have generated a total of 76,869
kWh, which helped to avoid 18 tonnes of greenhouse gas emissions in the
Canadian Tire Retail has contributed $7.4 million in funds year-to-date
to community blue box and industry product stewardship and recycling
Packaging and handling changes to 111 retail products will help us avoid
more than 560 tonnes of product and packaging waste annually.
For the year-to-date, 35 products have been right-sized, contributing to
a forecasted annual avoidance of over 470 tonnes of packaging material.
Product rightsizing ensures that products are not over-packaged for the
size and fragility of the product in question. For Canadian Tire, the
benefits of this are two-fold: it reduces the amount of waste that is
sent to landfills once the customer purchases the product and disposes
of the packaging; and smaller packages fit more efficiently in shipping
containers and trucks thereby reducing the greenhouse gases emitted to
get the product to the store and on the shelves.
One recent example of right-sizing is Canadian Tire's Likewise brand of outdoor swift tie garbage bags. Working with vendors, the product packaging was changed from a flat-fold format to a new roll format. This reduced the size of the package and related product by 30 per cent and reduced the weight by 11 per cent.
- As more advanced sustainability technologies and materials become available, Canadian Tire is able to develop buildings that are more efficient. By the end of 2011, Canadian Tire will have designed, built, and opened the first of its next-generation of energy efficient stores that will be 75 per cent more energy efficient than those built in 20101.
Canadian Tire's sustainability initiatives have been recognized in recent months, demonstrating that its strategy having a positive impact on communities from coast-to-coast.
BC Hydro recently recognized Canadian Tire for its energy efficiency
efforts and commitment to energy conservation that runs from the
independent dealers who operate individual stores through to the CEO.
- One Change, an international organization that recognizes sustainability efforts across North America, has awarded Canadian Tire its Corporate Catalyst prize. One Change's mandate is to prove how a simple catalyst action, coupled with measurable and tested programs, can transform self perception and produce broad public participation in government or utility programs.
As previously published, Canadian Tire has three aspirational goals connected to its sustainability initiatives: Grow the business without increasing the net carbon footprint of the economy; eliminate unnecessary packaging while sending zero waste to landfills; and, provide innovative products and services that meet customers' needs without compromising future generations.
For further details, refer to http://CTSustainabilityinAction.ca
This document contains forward-looking information that reflects management's current expectations related to matters such as future financial performance and operating results of the Company. Forward-looking statements are provided for the purposes of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of our financial position, results of operation and operating environment. Readers are cautioned that such information may not be appropriate for other circumstances.
All statements other than statements of historical facts included in this document may constitute forward-looking information, including but not limited to, statements concerning management's expectations relating to possible or assumed future prospects and results, our strategic goals and priorities, our actions and the results of those actions and the economic and business outlook for us. Often but not always, forward-looking information can be identified by the use of forward-looking terminology such as "may", "will", "expect", "believe", "estimate", "plan", "could", "should", "would", "outlook", "forecast", "anticipate", "foresee", "continue" or the negative of these terms or variations of them or similar terminology. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable at the date that such statements are made.
By its very nature, forward-looking information requires us to make assumptions and is subject to inherent risks and uncertainties, which give rise to the possibility that the Company's assumptions may not be correct and that the Company's expectations and plans will not be achieved. Although the Company believes that the forward-looking information in this document is based on information and assumptions which are current, reasonable and complete, this information is necessarily subject to a number of factors that could cause actual results to differ materially from management's expectations and plans as set forth in such forward-looking information for a variety of reasons. Some of the factors - many of which are beyond our control and the effects of which can be difficult to predict - include (a) credit, market, currency, operational, liquidity and funding risks, including changes in economic conditions, interest rates or tax rates; (b) the ability of Canadian Tire to attract and retain quality employees, Dealers, Canadian Tire Petroleum agents and PartSource and Mark's Work Wearhouse store operators and franchisees, as well as our financial arrangements with such parties; (c) the growth of certain business categories and market segments and the willingness of customers to shop at our stores or acquire our financial products and services; (d) our margins and sales and those of our competitors; (e) risks and uncertainties relating to information management, technology, supply chain, product safety, changes in law, competition, seasonality, commodity price and business disruption, our relationships with suppliers and manufacturers, changes to existing accounting pronouncements, the risk of damage to the reputation of brands promoted by Canadian Tire and the cost of store network expansion and retrofits and (f) our capital structure, funding strategy, cost management programs and share price. We caution that the foregoing list of important factors and assumptions is not exhaustive and other factors could also adversely affect our results. Investors and other readers are urged to consider the foregoing risks, uncertainties, factors and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such forward-looking information.
For more information on the risks, uncertainties and assumptions that could cause the Company's actual results to differ from current expectations, please refer to the "Risk Factors" section of our Annual Information Form for fiscal 2009 and our 2009 Management's Discussion and Analysis, as well as Canadian Tire's other public filings, available at www.sedar.com and at www.corp.canadiantire.ca.
Statements that include forward-looking information do not take into account the effect that transactions or non-recurring or other special items announced or occurring after the statements are made have on the Company's business. For example, they do not include the effect of any dispositions, acquisitions, asset write-downs or other charges announced or occurring after such statements are made.
The forward-looking statements and information contained herein are based on certain factors and assumptions as of the date hereof. The Company does not undertake to update any forward-looking information, whether written or oral, that may be made from time to time by it or on its behalf, to reflect new information, future events or otherwise, unless required by applicable securities laws.
ABOUT CANADIAN TIRE
Canadian Tire Corporation, Limited (TSX: CTC.a, CTC) is one of Canada's most shopped general retailers with 482 Canadian Tire stores across the country. Our core retail and automotive operation is strengthened by PartSource, an automotive parts speciality chain; Canadian Tire Petroleum, one of the country's largest independent retailers of gasoline; Mark's, under the banner "Clothes That Work," a leading retailer of men's, women's and work apparel; and Canadian Tire Financial Services, which has issued approximately four million Canadian Tire MasterCard credit cards. More than 58,000 Canadians work across Canadian Tire's organization from coast-to-coast in the enterprise's retail, financial services and petroleum businesses.
1 This will reduce a new store's energy use from the current 191.8 ekwh/m2 to 109.3 ekwh/m2.
For further information:
Joscelyn Chernick-Smith, 416-480-8017, (m) 416-433-5922, email@example.com