07:26 AM EST, 11/07/2024 (MT Newswires) -- Canadian Tire ( CDNTF ) (CTC.TO, CTC-A.TO) on Thursday reported higher adjusted profit for its third quarter, but revenue fell slightly.

Adjusted net income attributable to shareholders rose to $200.6 million, or $3.59 per diluted share, from $165.2 million, or $2.96 per diluted share last year.

Revenue fell 1.4% to $4.2 billion. Revenue, excluding petroleum, was $3.64 billion, a dip of 0.4%. Canadian Tire ( CDNTF ) noted that increased loyalty engagement saw active registered loyalty members up 4%. Members took advantage of 1:1 offers, engaged in mass Triangle promotions, and scanned their loyalty cards more.

The company hiked its annual dividend by 1.4% to $7.10 per share. It will pay a quarterly dividend of $1.775 per share on March 1 next year.

It also intends to buy back up to $200 million of its Class A shares in 2025. Repurchases will be made under its existing Normal Course Issuer Bid, which expires on March 1, and which will be renewed.

"We delivered strong retail profitability for the third consecutive quarter and sales trends improved," said President and CEO Greg Hicks.