Retailer Canadian Tire's quarterly profit beats estimates
(Reuters) - Canadian Tire Corp Ltd (CTCa.TO: Quote) reported a better-than-expected quarterly profit, helped by higher sales of sports gear and apparel, and the retailer increased its quarterly dividend.
Revenue in its FGL Sports brand, which sells sports and related products, rose 2.8 percent to C$606.1 million ($451.3 million) in the third quarter, from a year earlier.
Retail sales in its Mark's brand business, under which the company sells casual and work clothing and footwear, increased 3.3 percent to C$238.1 million.
The company increased its quarterly dividend to 65 Canadian cents per share from 57.5 Canadian cents.
Total retail sales, which exclude revenue generated from Canadian Tire's financial services and real estate investment trust businesses, rose 3.4 percent to C$3.52 billion in the quarter ended Oct. 1.
Canadian Tire's petroleum retail sales fell nearly 10 percent to C$429.6 million.
Excluding petroleum, total retail sales increased 5.5 percent.
Net income attributable to the company fell 11.7 percent to C$176.4 million, or C$2.44 per share, from a year earlier, when the company recorded a real estate gain of 33 Canadian cents per share.
For the latest quarter, analysts' were expecting C$2.38 per share, according to Thomson Reuters I/B/E/S. Continued...