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Canadian Tire profit up

Canadian Tire Corp. Ltd. raised its dividend as the retailer reported its third-quarter profit and sales grew compared with a year ago.

The company says it's increasing its quarterly dividend to $1.0375 per share compared with its earlier quarterly payment to shareholders of 90 cents.

The improvement came as Canadian Tire says it earned $231.3 million or $3.15 per diluted share for the quarter ended Sept. 29, compared with a profit of $198.5 million or $2.59 per diluted share a year ago.

Revenue totalled $3.63 billion, up from nearly $3.27 billion in the same quarter last year.

On a normalized basis, Canadian Tire says it earned an adjusted profit of $3.47 per diluted share for the quarter, up from $2.59 per diluted share a year ago.

Thomson Reuters Eikon says analysts on average had expected a profit of $2.85 per share for the quarter.



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