OTTAWA (dpa-AFX) - Canadian Tire Corporation, Limited (CTC.TO) reported net income of C$151.8 million or C$2.47 per share in the first quarter compared with net loss of C$13.3 million or C$0.22 per share in the same quarter a year ago.
Excluding items, normalized earnings were C$192.8 million or C$2.57 in the first quarter compared with C$1.7 million or loss of C$0.13 per share in the year-ago quarter. On average, eight analysts polled by Thomson Reuters expected the company to report earnings of C$0.62 per share.
Revenue for the quarter increased to C$3.323 billion from C$2.848 billion last year. The consensus estimate was for C$2.92 billion.
'Our unique, multi-category assortment across all banners has been integral in meeting the demand for products in backyard living, outdoor activities, home projects and industrial workwear. The continued growth in our digital capabilities was a key enabler of customers shopping us their way,' said Greg Hicks, President and CEO, Canadian Tire Corporation.
The company declared dividends payable to holders of Class A Non-Voting Shares and Common Shares at $1.175 per share payable on September 1, 2021 to shareholders of record as of July 31, 2021.
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