Canadian Tire profit dips on restructuring, acquisition costs
* Fourth-qtr earnings C$2.00/share vs C$2.03 last year
* Total revenue up 1 pct
* Same-store sales at Canadian Tire Retail falls 1.1 pct
Feb 21 (Reuters) - Diversified retailer Canadian Tire Corp reported a slightly lower fourth-quarter profit as a result of restructuring charges and costs related to its acquisition of FGL Sports in August 2011.
Net income fell to C$163.1 million ($160.7 million), or C$2.00 per share, in the second quarter, from C$166.3 million, or C$2.03 per share, a year earlier. It took a restructuring charge of C$19.6 million during the quarter.
Canadian Tire, one of Canada's biggest and best-known retailers, had announced a number of executive departures in the quarter to cut costs.
Revenue rose 1 percent to C$3.16 billion. Sales in its flagship Canadian Tire banner fell 2 percent to C$1.55 billion.
The company said adjusted fourth-quarter profit rose 2.8 percent on better performance in its credit card business.
Toronto-based Canadian Tire said it planned to integrate its retail business and financial services division next year by offering new credit products and in-store instant credit. Continued...