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Canadian Tire raises quarterly dividend, experiences third-quarter loss Categorical Instances

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Canadian Tire Corp. Ltd. raised its quarterly dividend because it reported a loss in its newest quarter, weighed down by a one-time cost associated to its deal to purchase again the 20 per cent stake in Canadian Tire Monetary Providers that’s owned by Scotiabank.

The retailer says it would now pay a quarterly dividend of $1.75 per share, a rise of two.5 cents per share.

The elevated cost to shareholders got here as Canadian Tire reported a web loss attributable to shareholders of $66.4 million, or $1.19 per diluted share, for the quarter ended Sept. 30 in contrast with a revenue of $184.9 million, or $3.14 per diluted share a yr earlier.

The outcomes included a $328-million cost associated to the Scotiabank transaction, offset partially by a $131-million insurance coverage restoration associated to a fireplace at a distribution centre in March.

On a normalized foundation, Canadian Tire says it earned $2.96 per diluted share in its newest quarter, in contrast with $3.34 per diluted share a yr earlier.

Income was $4.25 billion, up from $4.23 billion in the identical quarter final yr, whereas consolidated comparable gross sales fell 1.6 per cent.

This report by The Canadian Press was first revealed Nov. 9, 2023.

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