May 10, 2012 / 12:23 PM / 5 years ago

CORRECTED-Canadian Tire profit rises on acquisition, retail sales

May 10 (Reuters) - Canadian Tire Corp reported a higher quarterly profit, helped by the acquisition of a sporting goods chain and higher retail sales.

First-quarter profit rose to C$71 million, or 87 Canadian cents per share, from C$58.4 million, or 71 Canadian cents per share, a year earlier.

Revenue rose 23 percent to C$2.44 billion.

Favorable weather in March drove strong sales in backyard living, cycling and gardening while promotional activity throughout the quarter supported growth in kitchen and household cleaning, the company said in a statement.

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