Canadian Tire raises quarterly dividend, reports third-quarter loss
By The Canadian Press on November 9, 2023.
TORONTO – Canadian Tire Corp. Ltd. raised its quarterly dividend as it reported a loss in its latest quarter, weighed down by a one-time charge related to its deal to buy back the 20 per cent stake in Canadian Tire Financial Services that is owned by Scotiabank. The retailer says it will now pay a quarterly dividend of $1.75 per share, an increase of 2.5 cents per share. The increased payment to shareholders came as Canadian Tire reported a net loss attributable to shareholders of $66.4 million, or $1.19 per diluted share, for the quarter ended Sept. 30 compared with a profit of $184.9 million, or $3.14 per diluted share a year earlier. The results included a $328-million charge related to the Scotiabank transaction, offset in part by a $131-million insurance recovery related to a fire at a distribution centre in March. On a normalized basis, Canadian Tire says it earned $2.96 per diluted share in its latest quarter, compared with $3.34 per diluted share a year earlier. Revenue was $4.25 billion, up from $4.23 billion in the same quarter last year, while consolidated comparable sales fell 1.6 per cent. This report by The Canadian Press was first published Nov. 9, 2023. Companies in this story: (TSX:CTC.A) 9-8
