Canadian Tire tries to
adjust its dividend policy to improvement outgoings to shareholders, sending
its stock up by more than 4%. According to iconic home and hardware chain in
the form of dividend they have pay about 20% to 25% of the prior year's basic
earnings per share. Which increases the quarterly payout by 27.5 cents per
share from 21 cents in year 2011?
"Overall, our
business is performing well," said Stephen Wetmore, president and chief
executive of Canadian Tire. "We have managed conservatively through
challenging economic conditions and we have confidence in our continued
performance which is reflected in our decision to increase our dividend payout
and to repay $300 million in debt that matured this quarter."
The Toronto-based chain
is giving importance’s to its core business and discloses that net earnings
rose from 21% to $103.2 million. This includes the restructuring charge of
14.7% and reduces the profit to 31% and retail sales rose 2.6% to $2.51
billion.
The company said that
Backyard, cleaning, exercise and outdoor recreation all performed well in the
quarter, automotive sector also reports higher sales in parts, pride and
accessories.
Mark a comment
http://www.torontosun.com/money/2010/11/11/16092616.html
No comments:
Post a Comment