07:04 AM EDT, 05/09/2024 (MT Newswires) -- Canadian Tire ( CDNTF ) (TSX CTC.TO and CTC.A) on Thursday reported first-quarter normalized net income attributable to shareholders of $76.8 million, or $1.38 per diluted share, up from $57.6 million, or $1 per diluted share, a year earlier.

Analysts polled by Capital IQ expected $0.72.

Revenue for the quarter ended March 30 was $3.52 billion, down from $3.71 billion in the same period last year. Analysts surveyed by Capital IQ expected $3.54 billion.

Retail gross margin rate, excluding Petroleum, rose by 193 basis points to 37.1%. Also, the company said consolidated comparable sales in the quarter fell 1.6%.

The company declared dividends payable to holders of Class A non-voting shares and common shares at $1.75 per share. The dividends will be paid on Sept. 1 to shareholders of record as of July 31.