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Nov 9, 2017

Canadian Tire boosts dividend 38%; Q3 retail sales rise

Canadian Tire sets ambitious three year targets

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Canadian Tire Corp Ltd (CTCa.TO) reported a rise in quarterly retail sales on Thursday, helped by higher demand for its automotive and home products and strong gas prices.

It is also boosting its annual dividend 38 per cent to $3.60 per share after reporting a five-per-cent rise in quarterly retail sales and setting a 10-per-cent annual profit growth target for the next three years.

The company, which sells products ranging from automotive parts and apparel to Master Chef kitchen appliances, said consolidated same-store sales rose 3.9 per cent in the third quarter.

The retailer, which also runs gas stations, said total revenue increased 5.6 per cent. That included $47.6 million in petroleum revenue, primarily on higher per liter gas prices.



In its Canadian Tire retail unit, which accounts for more than half the company's total revenue , revenue rose 4.8 per cent to $1.69 billion ($1.33 billion).

Revenue from Mark's, through which the company sells casual and work clothing and footwear, rose 5.6 per cent to $251.5 million.

Net income attributable to the company rose marginally to $176.6 million, or $2.59 per share, in the quarter ended Sept. 30.

The company's retail sales rose to $3.70 billion from $3.52 billion.