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Canadian Tire Corporation Reports Strong Q3 Results, Increases Dividend 38%, Announces Three-Year Financial Aspirations and a New $550 Million Share Repurchase Program
Canadian Tire Corporation Reports Strong Q3 Results, Increases Dividend 38%, Announces Thr...
About this update from Canadian Tire Corporation, Limited
[{"type":"text","content":"\n\n\n\nCanadian Tire Corporation Reports Strong Q3 Results, Increases Dividend 38%, Announces Three-Year Financial Aspirations and a New $550 Million 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. 9, 2017\n\n\n\n\nConsolidated same store sales up 3.9%\n\n4.7% at Canadian Tire Retail; 0.4% at FGL Sports; 4.6% at Mark's \nThird quarter diluted earnings per share was $2.59, up 5.9%, despite $0.14 reduction in EPS due to commencement of operations of our replacement distribution centre\nFinancial Services GAAR growth up 8.0%\nIncrease of $1.00, or 38%, in the annual dividend from $2.60 to $3.60 per share on each Common and Class A Non-Voting share\nIntention to return capital to shareholders through repurchase of $550 million of Class A Non-Voting Shares by the end of 2018\n\n\n\nTORONTO, Nov. 9, 2017 /CNW/ - Canadian Tire Corporation, Limited (TSX:CTC, TSX:CTC.A) today released third quarter results for the period ended September 30, 2017.\n\n\"Our confidence in the Company's future is evidenced by the significant increase in our dividend, our updated three-year aspirations and the continuation of our share repurchase program through 2018,\" said Stephen Wetmore, President and CEO, Canadian Tire Corporation. \"We delivered exceptional topline growth at Canadian Tire Retail and another solid quarter of earnings performance while absorbing the planned financial impact from the successful commencement of operations of our $500 million replacement distribution centre in Caledon, Ontario.\" \n\n\"Over the past year, we have made significant progress in aligning our Management responsibilities to operate as one company to gain operating efficiencies and a single view of our customer across all retailing banners.  Today, we are taking a further step towards our one customer approach with Allan MacDonald adding to his responsibilities oversight of marketing, merchandising and store operations for FGL and Mark's,\" continued Wetmore.\n\nCONSOLIDATED OVERVIEW\n\n\nConsolidated retail sales increased $179.5 mil...