Posted 11/9/2023, 2:42:02 PM
Canadian Tire to Cut Jobs and Raise Dividend as Sales Decline
- Canadian Tire plans to cut about 3% of its workforce in Q4 as consumer spending weakens
- Retailer expects to take $20-25 million charge in Q4 for job cuts, with $50 million in annual savings
- Canadian Tire reports Q3 net loss of $66.4 million including one-time Scotiabank deal charge
- Retailer raises quarterly dividend by 2.5 cents to $1.75 per share
- Canadian Tire reports 1.6% drop in Q3 comparable sales versus a year earlier