Canadian Tire reports higher sales, revenue

Canadian Tire Corp. raised its quarterly dividend by 38 per cent as it reported that 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 $3.3 billion, up from $3.13 billion a year ago.

In addition to its namesake stores, Canadian Tire also owns Mark’s and FGL Sports, which operates Sport Chek, Atmosphere, Hockey Experts Sports Experts, among other stores.