TORONTO — Canadian Tire Corp. raised its dividend as it reported its third-quarter revenue edged higher.
The retailer says it will now pay a quarterly dividend of $1.1375 per share, an increase of 10 cents.
The increased payment to shareholders came as Canadian Tire reported a profit attributable to shareholders of $197.2 million or $3.20 per diluted share for its third quarter. That compared with a profit attributable to shareholders of $203.8 million or $3.15 per diluted share in the same quarter last year when the company had more shares outstanding.
Canadian Tire said its normalized earnings per share amounted to $3.46 per diluted share for the quarter, down from $3.47 per diluted share a year ago, due to an accounting changes at its financial services business.
Revenue totalled $3.64 billion, up from $3.63 billion a year ago.
Comparable sales at Canadian Tire stores were up 2.4 per cent, while SportChek comparable sales were up 4.6 per cent. Mark’s comparable sales increased 1.2 per cent.
This report by The Canadian Press was first published Nov. 7, 2019.
Companies in this story: (TSX:CTC.A)
The Canadian Press