09:06 AM EST, 03/07/2025 (MT Newswires) -- Canadian Tire ( CDNTF ) (CTC.TO, CTC-A.TO) announced Friday that the Toronto Stock Exchange has approved the company's notice of intention to renew its normal course issuer bid (NCIB) for its Class A Non-Voting shares.

Under the NCIB approved by the TSX, the company may repurchase up to 4.9 million shares between March 11, 2025 and March 10, 2026, representing approximately 9.8% of the 49,861,546 public float of shares issued and outstanding as at February 26, 2025. There were 52,197,822 total shares issued and outstanding as at February 26, 2025.

The company said it intends to repurchase shares under the 2025-26 NCIB to implement its share repurchase intentions and to offset the dilutive effect of the issuance of shares pursuant to its Dividend Reinvestment and Stock Option Plans, consistent with the company's policy.

This comes after the company announced Thursday a new four-year "transformative" growth strategy, called 'True North' that includes more than $2 billion in investments over four years starting in 2025.

The announcement comes after the retailer last month agreed to sell its global outdoor and activewear brand Helly Hansen in a near $1.3-billion deal to to Kontoor Brands, the U.S.-based owner of the Lee and Wrangler denim brands.