August 11, 2011 / 12:42 PM / 6 years ago

UPDATE 1-Canadian Tire profit falls on higher spending

TORONTO, Aug 11 (Reuters) - Canadian Tire Corp’s (CTC.TO) (CTCa.TO) profit fell 14 percent on Thursday, missing market estimates, as it spent more on promotions and invested in infrastructure.

Second-quarter earnings fell to C$105.8 million, or C$1.29 a share, from C$122.8 million, or C$1.50 a share, a year ago. Analysts, on average, had expected earnings of C$1.45 a share, according to Thomson Reuters I/B/E/S.

Revenue rose 4 percent to C$2.57 billion, compared with the average analyst estimate of C$2.62 billion.

$1=$1 Canadian Reporting by S. John Tilak

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