Sales and Marketing Overview & Strategic Business Overview
ENHANCED PROFITABILITY DRIVING STRONG RETURNS
BACK TO BASICS DELIVERED LOWER COST STRUCTURE, DRIVING PROFITABILITY IMPROVEMENT
Gross margin
Balancing gross margin and
volume growth going forward
SG&A as a percentage of
net sales
Further operating leverage
potential
Operating margin
Targeting 3-year adjusted
operating margin in range of
18 - 20%
29.1% 29.1%
27.7% 27.7%
24.9% 26.7%
15.3%
12.6%
2017
2018
2019
Gross margin
13.6%
12.5%
2020
Adjusted gross margin (1)
12.1%
32.2% 30.9%
2021
13.7%
10.7%
2017
2018
2019
2020
2021
14.6% 15.4%
22.3% 20.2%
13.9% 15.0%
13.8%
10.2%
(9.1%) 0.9%
2017
2018
2019
Operating margin
2020
Adjusted operating margin (1)
2021
(1) These are non-GAAP ratios. These measures do not have any standardized meanings prescribed by IFRS and are therefore unlikely to be comparable to a similar measure presented by other companies.
The disclosures for these measures are incorporated by reference to section 17.0 "Definition and reconciliation of non-GAAP financial measures" of the Company's January 2, 2022 MD&A which was filed
on February 24, 2022 and is available at www.sedar.com.
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