Canadian Tire profit rises 11 percent, dividend increased

Thu Nov 7, 2013 8:02am EST
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(Reuters) - Canadian Tire Corp (CTCa.TO: Quote), best known for its automotive and homeware stores, reported an 11 percent rise in quarterly profit as higher sales in all of its retail chains helped to fatten gross margins.

The company also raised its annual dividend to $1.75 per share from $1.40.

Third-quarter net income rose to C$145.5 million ($139.7 million), or C$1.79 per share, from C$131.4 million, or C$1.61 per share, a year earlier.

(Reporting by Swetha Gopinath in Bangalore; Editing by Ted Kerr)