Canadian Tire profit drops on high ad costs for Winter Olympics

Thu May 8, 2014 7:55am EDT
 
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(Reuters) - Canadian Tire Corp (CTCa.TO: Quote), best known for its automotive and homeware stores, reported a 3.3 percent drop in first-quarter net profit due to high advertising expenses during the Winter Olympics in Sochi.

Net income attributable to shareholders fell to C$70.6 million ($69 million), or 88 Canadian cents per share, in the quarter ended March 29, from C$73.0 million, or 90 Canadian cents per share, a year earlier.

The Toronto-based company's revenue rose 3.8 percent to C$2.57 billion.

(Reporting By Shubhankar Chakravorty in Bangalore; Editing by Savio D'Souza)