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Company News

CORRECTED-Canadian Tire's profit slumps as stores close due to pandemic

(Removes reference to inaccurate earnings per share figure in second paragraph)

May 7 (Reuters) - Canadian Tire Corp Ltd on Thursday reported an 87.5% fall in quarterly profit as business at its retail stores, including Mark’s and Pro Hockey Life, was hit by the coronavirus outbreak.

Net income fell to C$12.2 million ($8.67 million) in the first quarter, from C$97.4 million, a year earlier

Revenue fell 1.6% to C$2.85 billion. ($1 = 1.4066 Canadian dollars) (Reporting by Nivedita Balu in Bengaluru; Editing by Ramakrishnan M.)

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