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  "documentTitle": "Canadian Tire Corporation (CTC.A)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-12-05 00:00:00",
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  "notes": "Combines a bar chart (store count) with line charts (SSS growth) to show the inverse relationship between store count and SSS.",
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      "kind": "callout",
      "text": "Flat to declining total store count is a sign of market saturation and intensifying competition from Walmart and other competitors",
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      "text": "We believe the recent growth in SSS is driven by the reduction in total store count. This is a low quality way to temporally boost SSS",
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      "text": "Total Stores (Excluding Gas)",
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      "text": "While same store sales (SSS) are growing, we believe this is not indicative of the true performance due to the declining total store count. The Company does not provide color around its store closures, the declining number of total stores, price vs. transaction detail or category mix. We believe this may be a sign that the market is over saturated. While overall store statistics are becoming more efficient, we believe this is a result of the closure of CTC’s lowest producing stores and customers shifting to other locations. With the greater retail trend, we believe it is unlikely that Canadian Tire will be able to successful grow its current market share.",
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      "text": "Source: Company filings",
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      "text": "Same Store Sales Growth Does Not Tell The Entire Story",
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