Given macroeconomic headwinds in Canada and holding higher debt load, Canadian consumers, especially in major urban markets, reduced their retail spending in the first half of 2024. As a result, CTC?s adjusted revenue declined by 4.7% year on year in the first half of fiscal 2024. Discretionary spending (e.g., seasonal and gardening and playing) faced headwinds, while the higher-margin automotive segment exhibited consistent growth for the past several quarters. A change in product mix combined with a focus on cost control, CTC?s EBITDA margin in 2024 improved even after adjusting for the one-time expense (C$142.3 million) associated with the distribution center fire last year. We still expect the company?s 2024 revenue to remain close to 2023 levels even though we
