Canadian Tire (TSX:CTC) is a Toronto-based company that provides a range of retail goods and services
across Canada. Shares of this top Canadian stock have dropped 16% in 2022 as of close on September
28. However, the stock is still up 6.7% in the year-over-year period. Canadian investors hungry for
stability may want to snatch up a dependable dividend stock like Canadian Tire.
The company unveiled its second quarter fiscal 2022 earnings on August 11. It delivered consolidated
retail sales growth of 9.9% and consolidated comparable sales (excluding petroleum) growth of 5%.
Revenue increased 12% year-over-year to $4.40 billion. Meanwhile, consolidated income before income
taxes (IBT) sank 33% to $238 million.
On the financial services side, gross average accounts receivable (GAAR) jumped 14% compared to the
second quarter of fiscal 2021. Moreover, credit card sales climbed 25% over the previous year. It
mentioned that risk levels stayed below historic levels.
In the year-to-date period, net income was reported at $395 million or $6.16 per diluted share. That is
down from $445 million or $6.29 per share in the first six months of 2022. Meanwhile, income before
income taxes fell to $533 million compared to $612 million in the prior year-to-date period.
Shares of this Canadian stock currently possess an attractive price-to-earnings ratio of 15. Canadian Tire
last paid out a quarterly dividend of $1.625 per share, which represents a 2.4% yield.
