May 8, 2014 / 11:55 AM / 4 years ago

CORRECTED-Canadian Tire attributable profit hurt by higher expenses

(Corrects headline and paragraph 1 to clarify that profit attributable to shareholders fell, not net profit, and to show that the rise in advertising expenses was not the sole reason for a drop in profit)

May 8 (Reuters) - Retailer Canadian Tire Corp reported a 3.3 percent drop in quarterly net profit attributable to shareholders, largely due to a rise in expenses related to advertising during the Winter Olympics, stock-based compensation, and the spinoff of its property holdings into a REIT.

The company, best known for its automotive and homeware stores, said 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.

$1 = 1.10 Canadian dollars Reporting By Shubhankar Chakravorty in Bangalore; Editing by Savio D'Souza

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