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Stephen Wetmore, President and CEO of Canadian Tire (L) and Robert Sartor, CEO The Forzani Group Ltd. during a press conference announcing an all-cash offer from Canadian Tire to Acquire The Forzani Group, May 09, 2011.
Stephen Wetmore, President and CEO of Canadian Tire (L) and Robert Sartor, CEO The Forzani Group Ltd. during a press conference announcing an all-cash offer from Canadian Tire to Acquire The Forzani Group, May 09, 2011.
(Fernando Morales/The Globe and Mail/Fernando Morales/The Globe and Mail)

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Canadian Tire emerging as financial services star

Amid a sluggish economy for retailers, Canadian Tire has a gem in its back pocket: its financial services division.

You don’t hear much about the unit, and when most people think of Canadian Tire, they think of bikes and car parts, but the financial arm was the retailer’s key growth driver in 2012, with income before taxes up 26 per cent over 2011 and up 39 per cent over 2010.