TORONTO – Canadian Tire Corp. Ltd. raised its dividend by 25 per cent as it reported its first-quarter profit and revenue rose compared with a year ago.
The retailer said it will now pay a quarterly dividend of $1.625 per share, up from $1.30 per share.
Canadian Tire reported net income attributable to shareholders of $182.1 million or $3.03 per diluted share, up from $151.8 million or $2.47 per diluted share a year earlier.
Revenue for the quarter ended April 2 totalled $3.84 billion, up from $3.32 billion in the same quarter last year.
Comparable sales at its Canadian Tire retail business grew 4.5 per cent, while its Mark’s banner saw comparable sales gain 17.1 per cent. Comparable sales at its SportChek stores gained 10.2 per cent.
On a normalized basis, Canadian Tire said it earned $3.06 per diluted share, up from a normalized profit of $2.57 per diluted share a year ago.
This report by The Canadian Press was first published May 12, 2022.
Companies in this story: (TSX:CTC.A)