Company News

Canadian Tire quarterly revenue rises 5.9%

Aug 8 (Reuters) - Diversified retailer Canadian Tire Corp Ltd reported a 5.9% rise in quarterly revenue on Thursday, buoyed by strong sales of its private label brands and as promotional campaigns attracted more shoppers.

The Toronto-based company’s revenue rose to C$3.69 billion ($2.78 billion) from C$ 3.48 billion from a year earlier.

Net income rose to C$203.8 million, or C$2.87 per share, in the second quarter ended June 30 from C$ 174.4 million, or C$2.38 per share, a year earlier.

The company also said it agreed to buy Party City Holdco Inc’s Canadian business for C$174.4 million ($131.23 million), a deal that would immediately add to its earnings. ($1 = 1.3292 Canadian dollars) (Reporting by Arunima Kumar in Bengaluru; Editing by Anil D’Silva)