Canadian Tire profit falls 3 percent

Thu May 14, 2015 12:09pm EDT
 
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(Reuters) - Retailer Canadian Tire Corp (CTCa.TO: Quote) reported a 3 percent fall in first-quarter profit, hurt by higher taxes.

Net income attributable to the company fell to C$68.5 million ($57.31 million) in the quarter ended April 4 from C$70.6 million a year earlier.

Earnings per share were unchanged at 88 Canadian cents.

The Toronto-based company's revenue fell 2.3 percent to C$2.51 billion.

(This story corrects paragraph 1 to remove reference to "a drop in earnings from its financial services business"; corrects earnings per share in paragraph four to 88 Canadian cents from 88 cents)

(Reporting By Manya Venkatesh in Bengaluru; Editing by Saumyadeb Chakrabarty)

 
Canadian Tire Corporation CEO Michael Medline speaks during their annual general meeting for shareholders in Toronto, May 14, 2015. REUTERS/Mark Blinch