November 6, 2008 / 1:28 PM / 10 years ago

UPDATE 2-Canadian Tire reports higher profit, names new CEO

* Revenue C$2.26 bln vs C$2.05 bln

* Confirms outlook

* Names Stephen Wetmore new president, CEO

* Shares up 0.9 pct at C$45.72

(Adds details)

TORONTO, Nov 6 (Reuters) - Canadian Tire Corp (CTCa.TO) reported a higher quarterly profit and named a new chief executive as the country’s biggest auto parts and household goods retailer weathers an economic downturn that has sapped consumer confidence.

The company said on Thursday it earned C$108.6 million ($92.7 million), or C$1.33 Canadian cents a share, up from C$102.5 million, or C$1.25 a share, in the same period last year.

Adjusted net earnings for the quarter, which excludes non-operating gains and losses, came in at C$1.42 a share.

Revenue was C$2.26 billion, up 10.2 percent from C$2.05 billion last year.

Analysts were expecting an average of C$1.30 before items and revenue of C$2.16 billion, according to Reuters Estimates.

The company said same store sales rose 2 percent year-over-year.

Canadian Tire also confirmed its expectation that earnings per share for 2008 would be in the range of between C$4.75 and $5.05, excluding non-operating items.

The shares were up 0.9 pct at C$45.72.

The company also said on Thursday that Stephen Wetmore would replace Tom Gauld as president and chief executive. Gauld will retire from the position at the end of the year.

    $1=$1.16 Canadian Reporting by Scott Anderson

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