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  "documentTitle": "Canadian Tire Corporation (CTC.A)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-12-05 00:00:00",
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  "notes": "Uses a quote from management to contrast with the analyst's interpretation of the financial data.",
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      "kind": "callout",
      "text": "The strong correlation and recent spike of both Helly Hansen Canada Revenue and CTC's Intersegment Revenue suggests Canadian Tire is pushing inventory to CTC retail stores in order to show strong growth in its struggling Helly Hansen brand",
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      "text": "Y-o-Y Growth: 0.04%",
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      "text": "Helly Hansen (HH) is underperforming since the acquisition. Based on CTC's filings, HH's revenue growth for the first half of 2019 has been flat year-over-year. Despite strong reported growth for the third quarter, we believe this is a result of selling inventory to CTC owned stores due to the strong correlation of HH Canada Revenue and CTC's Intersegment Revenue.",
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      "text": "Helly Hansen's Canadian business grew at a remarkable 60% versus last year. Now this was our plan all along. Capitalizing on opportunities at SportChek and Mark's, as they built their inventory positions for key following winter seasons and introduce fantastic new displays and merchandise.",
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      "text": "\"Helly Hansen's Canadian business grew at a remarkable 60% versus last year. Now this was our plan all along. Capitalizing on opportunities at SportChek and Mark's, as they built their inventory positions for key following winter seasons and introduce fantastic new displays and merchandise.\" — Allan MacDonald, EVP, Retail, Q3 2019 Call, November 7, 2019",
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      "text": "Revenue growth tables for H1 and YTD Q3",
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      "kind": "title",
      "text": "Acquisition Of Helly Hansen Is Failing To Deliver On Expectations",
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