Retailer Canadian Tire on Thursday reported rising revenues with strong comparable sales in the third quarter of 2021, as the retailer saw an annual dividend hike for the 12e consecutive year.
The annual dividend rose 10.6% to $ 5.20 per share, when normalized income before tax was $ 388.8 million, a decrease of 13 , 6% compared to the quarter considered last year.
Consolidated comparable sales for the current year increased by 3.3% compared to the previous year.
E-commerce sales brought the retailer $ 257 million in the quarter ended Oct. 2, while the company posted more than $ 2.1 billion in the same category for the year.
“I am delighted with our results this quarter as we recorded exceptional sales growth over 2019 and strong growth over 2020,” said Greg Hicks, President and CEO of the Canadian Corporation. Drawn.
The boss of Canadian Tire said he was proud that the goal of $ 200 million in savings was reached before the hour and now expects additional savings of $ 100 million by the end of 2022.
The retailer also announced the reinstatement of its share repurchase program, with the intention to repurchase Class A shares for up to $ 400 million by the end of fiscal 2022.
“The significant increase in our dividend and the reinstatement of our share buyback program, which will allow us to buy back shares for a maximum amount of $ 400 million by the end of 2022, testify to our confidence in the company. ‘future of the Company,’ added Mr. Hicks.