In late 2011, we announced the implementation of five-year expiry on all existing and future AIR MILES, and we anticipated that the introduction of an expiry policy would cause a temporary one-time pull forward of miles which redeemed in the first quarter, and we expect that that redemption activity will abate and return to more normal 2% to 3% year-over-year growth rates for the remainder of this year.

Read the rest of this transcript for free on

If you liked this article you might like

Go Inside This Nike Experimental Fashion Installation

Adidas Is on Fire, and That Should Terrify Nike

How Much Cash Do You Have on You?: Cramer's 'Mad Money' Recap (Monday 8/14/17)

Alliance Data: Time to Get Back on Board

7 Potential New Targets for Activist Investor That Made a Killing on Whole Foods