Canadian Tire Corporation Limited (TSX: CTC.A) is engaged in a range of businesses. The company’s business segments include Retail, the CT REIT segment, and Financial services.
Earlier today, Canadian Tire reported its financial results for the first quarter of 2016. For the quarter ended April 2, 2016, the Toronto-based company reported that its consolidated retail sales increased $19.5 million, or 0.8%. The company’s consolidated retail sales were negatively impacted by a 9% drop in Petroleum retail sales. Excluding Petroleum, consolidated retail sales actually rose 3%.
Canadian Tire President and CEO, Michael Medline said that once again the company’s results demonstrate continued strong execution by all of our retail businesses with solid same store sales and impressive margin and expense management, even in a quarter with unseasonable weather.
Canadian Tire also announced a quarterly dividend. The company will pay a dividend of $0.575 per share to holders of Class A Non-Voting Shares and Common Shares. CTC.A currently offers a dividend yield of 1.60%.
Canadian Tire also announced that as of April 2, 2016, it had $330 million left in its share repurchase program. The company had announced a $550 million share repurchase program back in November last year.
