* Third-quarter adjusted profit up 3.5 percent
* Net earnings per share C$1.61 vs C$1.67 year earlier
* Revenue rises 4.6 percent to C$2.83 billion
Nov 8 Canadian Tire Corp, one of the
country's biggest and best-known retailers, reported higher
adjusted earnings and revenue on Thursday and boosted its
The company's results benefited from the financial services
segment, as higher credit card receivables increased revenue and
operating expenses fell. But retail income before income taxes
Canadian Tire said it would raise its quarterly dividend by
17 percent to 35 Canadian cents a share.
The company sells housewares, sporting goods and automotive
products at its namesake Canadian Tire stores, sporting goods
under several banners in its FGL Sports division, and apparel at
Mark's, formerly Mark's Work Wearhouse.
Performance was weakest at the flagship Canadian Tire chain,
where sales at established stores fell 0.2 percent, partly
reflecting a soft market for automotive parts and service.
FGL Sports raised same-store sales 4.4 percent. The key
metric was 1.7 percent higher at Mark's, thanks to growth in
women's apparel and industrial footwear, especially in western
Income before income taxes edged down 0.1 percent to C$105.6
million in the retail division, but rose 14.8 percent to C$73.7
million in financial services.
Net income for the third quarter ended Sept. 29 fell to
C$131.4 million ($132.0 million), or C$1.61 a share, from
C$136.5 million, or C$1.67, a year earlier.
Excluding a tax benefit and a gain on shares of the recently
acquired FGL Sports in the prior year and other one-time items,
the company said adjusted earnings rose 3.5 percent.
Analysts, on average, had been expecting earnings of C$1.67
per share, according to Thomson Reuters I/B/E/S.
Revenue rose 4.6 percent to C$2.83 billion, compared with an
average estimate of C$2.87 billion.
Shares fell in early trading on the Toronto Stock Exchange
on Thursday. The company's more heavily traded class A shares
were down 0.6 percent at C$70.76 in a slightly negative market.