Canadian Tire Corp. has announced its repurchase of Scotiabank’s 20 percent stake in Canadian Tire Financial Services (CTFS). With the $895 million all-cash transaction, CTC is once again full owner of its financial services arm. CTFS is key to the company’s Triangle Rewards program, accounting for some 75 percent of all Canadian Tire Money issued each year.

Grand Valley Home Hardware, 100 kilometres northwest of Toronto, was broken into twice recently. During the second break-in, around 4 a.m., the store’s safe was removed by the perpetrators (Photo courtesy Ontario Provincial Police).

(Full story of this robbery in next Monday’s ripping edition of our Hardlines Weekly Report. Click here for more info and to sign up yourself!)

The latest instalment of Hardlines’ podcast series, What’s In Store, goes live this week. In this episode, AQMAT president Richard Darveau discusses the work of the Quebec association, including the story of the Well Made Here program.

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RONA inc. remains committed to its affiliate dealers under its new ownership, Jean-Sébastien Lamoureux told delegates at the 27th Hardlines Conference. The event was held earlier this month in Whistler, B.C.

The company’s senior vice-president for affiliate dealers, wholesale, and public affairs combined updates from RONA with advice for the industry at large in his address. Regarding RONA’s commitment to independent dealers, Lamoureux admitted that the model has advantages of its own, which fit into RONA’s overall strategy. (Full story on Lamoureux’s presentation and RONA’s commitment to its affiliate dealers appears in the latest edition of Hardlines Weekly Report!)

TD Bank has issued a paper, Canadian Housing: Navigating Challenges, analyzing the Canadian housing market. Unsurprisingly, it says that multiple interest rate increases from the Bank of Canada have depressed housing prices and, consequently, listings. However, there was good news in terms of the degree of housing starts currently occurring.

“Even with multi-year highs in borrowing costs and persistent labour shortages, builders have been able to sustain a pace of housing starts that is roughly 20 percent above pre-pandemic levels and near multi-decade highs,” the report says. However, the report gives national numbers, while observing that Quebec housing starts, in particular, are “retrenching.”

The Home Depot has named Ann-Marie Campbell as senior EVP, effective Nov. 1. She will assume responsibility for outside pro sales efforts and the installation services business, while continuing to oversee U.S. stores and operations and the Canadian and Mexican business units. A 38-year veteran of the company, Campbell has served as EVP of U.S. stores and international operations since 2020.

Hector Padilla has been named EVP of U.S. stores and operations, where he will lead the company’s three U.S. operating divisions, reporting to Campbell. He has been with The Home Depot for some 30 years, most recently as EVP of outside sales and service.

Amazon, the world’s largest e-retailer, enjoyed profits that more than tripled in the third quarter ending Sept. 30. In spite of rising interest rates, and falling disposable income, consumers continued to spend heavily on online purchases.

Revenue in the third quarter was $143.1 billion, exceeding analyst expectations. Profit in the quarter was $9.9 billion compared to $2.9 billion in the same quarter of 2022. Amazon’s workforce, up to a record 1.62 million workers worldwide at the beginning of 2022 during the Covid boom, has been cut significantly post-Covid and now stands at 1.5 million workers.

Third-quarter sales for West Fraser Timber Co. reached $1.71 billion, up from $1.61 billion in the second quarter of 2023. Earnings for the quarter were $159 million, compared with a loss of $131 million in the second quarter. The company expects total lumber shipments for the year to be similar to 2022. For its North American engineered wood products segment, demand has remained relatively robust, leading West Fraser to forecast that its 2023 OSB shipments will reach levels as high as 6.4 billion square feet.

W.W. Grainger has reported Q3 earnings of $476 million, with profits reaching $9.43 on a per-share basis. That was ahead of analyst estimates of $8.85 per share. Revenues for the quarter came to $4.21 billion, falling short of estimates of $4.23 billion. The quarter included one fewer selling day than the comparable period of 2022.

Giant Tiger Stores will open its second location in Saint John, N.B., on Nov. 4. The 16,675-square-foot store is located at 88 Consumers Dr. The grand opening will include the usual Giant Tiger Marché giveaways, gift cards for the first 100 customers, and an appearance by the chain’s mascot, Friendly the Giant Tiger (shown here).