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Canadian Tire raises quarterly dividend, reports Q3 profit and sales up from year ago

TORONTO — Canadian Tire Corp. Ltd. raised its dividend as it reported its third-quarter profit and revenue were up compared with a year ago.

The retailer says it will pay a quarterly dividend of $1.175 per share, up from $1.1375 per share.

The increased payment to shareholders came as Canadian Tire reported a profit attributable to shareholders of $296.3 million or $4.84 per diluted share, up from $197.2 million or $3.20 per diluted share a year ago.

Revenue totalled $3.99 billion, up from $3.64 billion.

The company says retail sales at Canadian Tire stores were up 25.7 per cent compared with a year ago, while Mark’s retail sales rose 4.9 per cent. 

SportChek retail sales fell 1.7 per cent and Helly Hansen revenue dropped 2.5 per cent in the quarter.

On a normalized basis, Canadian Tire says it earned $4.93 per diluted share in its most recent quarter, up from $3.46 per diluted share in the third quarter of 2019.

This report by The Canadian Press was first published Nov. 5, 2020.

Companies in this story: (TSX:CTC.A)

The Canadian Press

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