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  "documentTitle": "Canadian Tire Corporation (CTC.A)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-12-05 00:00:00",
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      "kind": "callout",
      "text": "Management continuously blames poor performance and missed targets on “weather”. When will management accept accountability?",
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      "text": "Did not achieve SSS growth expectations",
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      "text": "EPS growth achieved due to recent one time benefits to growth",
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      "text": "Despite original guidance stating “no major changes to the Company’s financial leverage and capital allocation approach,” CTC has since repurchased shares and increased debt",
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      "text": "CTC reports being “On Track” for its ROIC goal of 10% despite reporting ROIC of 9.2% in 2018. We believe achieving 10%+ ROIC is overly optimistic given Retail’s declining margins and increasing competition. 2019 Q1 and Q2 ROIC were reported as 8.9% and 9.2%, respectively",
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      "text": "We believe achieving 10%+ ROIC is overly optimistic given Retail's declining margins and increasing competition.",
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      "text": "Retail ROIC: 9.2%",
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      "text": "Canadian Tire has been unsuccessful in meeting its own guidance. CTC reports its on track for two out of three of the targets but we believe this is optimistic.",
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      "text": "No major changes to the Company's financial leverage and capital allocation approach — Q3 2017 Earnings Call Presentation",
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      "text": "Performance Below Expectations",
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