Convenience store operator Alimentation Couche-Tard Inc. is raising its quarterly dividend by 20 per cent, following a higher profit and higher revenue in its latest quarter.
North America's second-largest convenience story operator, which reports in U.S. currency, said it had $113.5-million (U.S.) in net earnings in its fiscal second quarter, up $5.3-million or 4.9 per cent from the year-earlier period.
The Montreal-area company, which operates under several banners in Canada and the United States, says it will increase its quarterly dividend by 1.25 cents to 7.5 cents Cdn per share.
Couche-Tard earned 61 cents per diluted share for the period ended Oct. 9, up from 57 cents per share or $108.2-million in the year-earlier period.
Boosted by higher fuel prices at its gasoline filling stations, Couche-Tard's revenues increased 24 per cent to $5.1-billion, from $4.15-billion a year earlier.