Canadian convenience store chain reports 10.1% decline in quarterly profits, but increases dividend
Alimentation Couche-Tard has increased its dividend even as it reported lower quarterly profits that nonetheless beat Wall Street expectations.
The Canadian convenience store chain said net income attributable to Couche-Tard was $322.1m, or $1.04 per share, down from $328.8m, or $1.06 per share a year earlier.
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The results for the third quarter that ended on 1 November came in ahead of analysts’ expectations of 88 cents per share.
Shares in Couche-Tard were up 1.7% in Toronto.
The company said net sales dropped to $19.66bn from $20.66bn, as a result of closing its Tully’s convenience store chain in August.
“We continue to make progress as we transform our business to focus on our areas of greatest strength: fuel, convenience and continuing to build the premier fuel and convenience chain in North America,” the CEO, Alain Bédard, said in a statement.
The company also hiked its annual dividend by 20% to 70 cents.
