August 10, 2017 / 11:10 AM / 3 years ago

UPDATE 2-Retailer Canadian Tire's quarterly profit beats estimates

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Aug 10 (Reuters) - Retailer Canadian Tire Corp Ltd reported a quarterly profit that comfortably beat analysts’ expectations on strong demand for apparel and sports gear.

Shares of the company, which sells everything from automotive parts to apparel, were up as much as 3.3 percent at C$146.39 on the Toronto Stock Exchange on Thursday.

The company, which operates around 1,700 retail and gasoline outlets, reported total same-store sales rose 1.8 percent in the second quarter.

Same-store sales at Canadian Tire stores, which accounted for more than half of the company’s total revenue in the quarter, rose 1.4 percent.

The segment was helped by demand for its Noma brand of electrical products and kitchen appliances under the Master Chef label.

The company said it experienced strong sales growth in June despite a slow start to the spring and summer.

Net income attributable to the company increased 8.8 percent to C$195.2 million ($153.6 million) in the quarter ended July 1.

Profit rose to C$2.81 per share, beating the average analyst estimate of C$2.52 per share, according to Thomson Reuters I/B/E/S.

The Toronto-based company’s retail sales rose 3 percent to C$4.10 billion.

$1 = C$1.27 Reporting by Muvija M in Bengaluru; Editing by Maju Samuel

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