Business
Canadian Tire Corporation Delivers Strong Q3 Results, Increases Dividend and Continues Share Repurchase Program
Canadian Tire Corporation Delivers Strong Q3 Results, Increases Dividend and Continues Sha...
About this update from Canadian Tire Corporation, Limited
[{"type":"text","content":"\n\n\n\n\nCanadian Tire Corporation Delivers Strong Q3 Results, Increases Dividend and Continues Share Repurchase Program\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Nov. 7, 2019\n\n\n\nConsolidated comparable sales up 2.7% in the third quarter, 3.4% year to date Financial Services gross average credit card receivables (GAAR) up 7.0% Diluted earnings per share (EPS) was $3.20, an increase of 1.5%; normalized diluted EPS was $3.46 Normalized EPS growth was 10.2% when adjusted for accounting changes at Financial Services, totalling $36.4 million, in the prior year Dividend to be increased 9.6% to $4.55 per share Intention to repurchase a further $350 million of Class A Non-Voting Shares by the end of 2020 Operational Efficiency program announced to target $200+ million in annualized savings by 2022 Focus areas include: Eliminating duplicate systems and processes across our multiple banners as we begin operating as One Company Driving enterprise-wide efficiencies by decommissioning legacy infrastructure Continuing our extensive program targeting internal and external expense reduction TORONTO, Nov. 7, 2019 /CNW/ - Canadian Tire Corporation, Limited (TSX:CTC, TSX:CTC.A) today released third quarter results for the period ended September 28, 2019.\n\"Our business is performing well and as one of Canada's largest eCommerce retailers, having generated more than $500 million in sales in the last 12 months, we are exceptionally well-positioned as we head into our customers' biggest spending season,\" said Stephen Wetmore, President and CEO, Canadian Tire Corporation. \"Operating as One Company across our multiple banners focused on serving One Customer has driven significant investments in our loyalty program, organizational structure and our data and digital infrastructure. We have been confidently focused on securing CTC's long-term competitive positioning. Our ability to operate as One Company, having built the foundation supporting the most critical parts of our strategy, now positions us to focus on our Operational Efficiency program...