The retailer said it also expects to eliminate most unfilled positions, which will account for another three per cent reduction in full-time equivalent roles. The changes will save the company about $50 million annually, but Canadian Tire expects to record a $20-million to $25-million charge in the fourth quarter as a result. (The Logic)

Talking point: Canadian Tire also reported a third-quarter net loss of nearly $28 million, compared to net income of $225 million in the same period last year. Its consolidated comparable sales—a key retail metric—dropped by 1.6 per cent, with customers pulling back on spending of non-essential items. “The future is increasingly murky,” said CEO Greg Hicks in an earnings call, referring to the uncertain economy and noting the Bank of Canada’s hawkish tone during its recent policy-rate decision announcement. That prompted Canadian Tire to control costs, he said, and it has moved to control supply-chain, staffing and other expenses. Canadian Tire also announced it would increase its annual dividend to shareholders by 1.5 per cent, or 10 cents.