Canadian Tire Corporation Reports the Impact of the Adoption of International Financial Reporting Standards (IFRS)

TORONTO, April 6 /CNW/ - Canadian Tire Corporation, Limited (TSX: CTC) (TSX: CTC.a) today announced the release of certain unaudited financial information, including its Opening Statement of Financial Position as at January 3, 2010 as well as Restated 2010 Consolidated Financial Statements for the year ended January 1, 2011, under the International Financial Reporting Standards, or IFRS.  As previously announced, Canadian Tire will report its first quarter 2011 results for the first time under IFRS on May 12, 2011.

IFRS is strictly an accounting change and therefore does not affect the Company's strategy or operations.  It does, however, mean that certain elements of the Statement of Financial Position and results of operations will be determined differently from those that were previously reported under Canadian Generally Accepted Accounting Principles.

To better understand the impacts this reporting change will have on the Company's consolidated financial statements, management from Canadian Tire Corporation will hold a conference call today, which will be webcast live in its entirety at 2:00 p.m. EDT http://corp.canadiantire.ca/en/investors and will be archived for 12 months.

The restated results will be available prior to the call at http://corp.canadiantire.ca/en/investors.

ABOUT CANADIAN TIRE
Canadian Tire Corporation, Limited (TSX:CTC.a) (TSX:CTC) is one of Canada's most-shopped general retailers, offering everyday products and services to Canadians through more than 1,200 retail and gasoline outlets from coast-to-coast. Our primary retail business categories - Automotive, Living, Fixing, Playing and Apparel - are supported and strengthened by our Financial Services division, which offers such products and services as credit cards, in-store financing, product warranties, and insurance. Nearly 57,000 people are employed across the Canadian Tire enterprise, which was founded in 1922 and remains one of Canada's most recognized and trusted brands.

SOURCE Canadian Tire Corporation, Limited

For further information:

Investors: Karen Meagher, 416-480-8058 karen.meagher@cantire.com
Media: Robert Nicol, 416-480-8414 robert.nicol@cantire.com

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Canadian Tire Corporation, Limited

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