TORONTO – Canadian Tire Corp. raised its quarterly dividend by 38 per cent as it reported its third-quarter profit edged higher.
The retailer says it will begin paying a quarterly dividend of 90 cents per share next year, up from 65 cents per share.
The company made the move as it reported a profit attributable to shareholders of $176.6 million or $2.59 per diluted share in its latest quarter.
That compared with a profit attributable to shareholders of $176.4 million or $2.44 per diluted share a year ago when it had more shares outstanding.
Revenue increased to $3.30 billion, up from $3.13 billion a year ago.
In addition to its namesake stores, Canadian Tire (TSX:CTC) also owns Mark’s and FGL Sports, which operates Sport Chek, Hockey Experts, Sports Experts, among other stores.