Canada's largest hard goods retailer with a strong branding and loyalty program Resilient operating margins despite soft revenues in difficult market conditions Ample financial flexibility Challenging market environment, with weak consumer demand and very competitive general merchandise marketplace Weak same-store sales growth at Canadian Tire dealerships, the company's core franchise The ratings on Toronto-based Canadian Tire Corp. Ltd. reflect the company's strong position as Canada's largest hard goods retailer, supported by extensive market coverage and strong branding. The ratings are further supported by what Standard&Poor's Ratings Services views as resilient earnings amid challenging market conditions, in addition to the company's well-managed financial services operation that contributes significantly to operating income. These factors are partially offset in our view
