Canadian Tire adjusted earnings up, raises dividend

Thu Nov 8, 2012 8:50am EST
 
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Nov 8 (Reuters) - Diversified retailer Canadian Tire Corp reported lower net income on Thursday, but adjusted earnings and revenue both rose, and the company boosted its dividend.

The firm, which sells housewares, automotive products, sporting goods and apparel, said it would raise its quarterly dividend 17 percent to 35 Canadian cents a share.

Net income fell to C$131.4 million ($132.0 million), or C$1.61 a share, from C$136.5 million, or C$1.67, a year earlier.

Excluding a tax benefit in the prior year and other items, the company said earnings rose 3.5 percent. Revenue rose 4.6 percent to C$2.83 billion.