A Canadian company has earned the prestigious title of one of the top 10 most trustworthy retailers in the world.

Canadian Tire placed seventh on Newsweek's annual list of global companies that have "earned the confidence of consumers, investors and employees by producing quality products, paying employees fair wages and appointing effective leaders."

This is the second year Newsweek has released the ranking, which recognizes 1,000 companies from 23 industries and 20 countries.

An independent survey of over 70,000 participants and over 230,000 evaluations from customers, investors and employees determined the ranking results, noted Newsweek's global editor-in-chief, Nancy Cooper.

Zooplus, a German-based pet supplies company, ranked first in the retail category, followed by Chewy, another pet supply retailer from the U.S.

Amazon placed third, followed by Marks and Spencer. Costco rounded out the top five spots.

Canadian Tire Corporation was awarded seventh place out of the 72 companies in the category.

Canadian Tire was among numerous Canadian companies in the overall ranking, coming in seventh in the retail category.

"For over a century, we’ve built a deep emotional connection with Canadians by putting them at the centre of everything we do," stated Canadian Tire's executive vice president, Susan O'Brien, in a statement.

O'Brien added that the global recognition is "a testament" to the company’s team members and commitment, the value it offers in its rewards program and the investment it makes in communities across the country.

Canadian Tire also received accolades earlier this year, being named one of Canada’s most reputable companies by Leger’s 27th annual Reputation Study for 2024.

Only one other Canadian company made Newsweek's list for retail, as Pet Valu placed 43rd. Multiple Canadian banks, utility companies and more made the lists in other categories.

Check out the complete ranking here.