(Toronto) Canadian Tire Corporation on Thursday announced a 25% increase in its quarterly dividend, as it reported higher earnings and revenue for its first quarter, compared to a year ago.

The retailer will now pay a dividend of $1,625 per share, compared to $1,300 per share previously.

Canadian Tire posted net income attributable to shareholders of $182.1 million, or $3.03 per share, which compared to a profit of $151.8 million, or $2.47 per share, in the same period last year.

Revenue for the quarter ended April 2 totaled $3.84 billion, down from $3.32 billion a year earlier.

Sales at Canadian Tire stores that have been open for at least a year climbed 4.5%, while comparable sales at L’Équipeur stores jumped 17.1%. In SportChek-branded stores, sales rose 10.2%.

On a normalized basis, Canadian Tire’s profit was $3.06 per share, compared to adjusted profit of $2.57 per share in the first quarter of last year.

https://www.lapresse.ca/affaires/entreprises/2022-05-12/1er-trimestre/canadian-tire-hausse-son-dividende.php

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