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News from Reuters

Canadian Tire profit drops as financial unit skids

12/11/09

TORONTO (Reuters) - Canadian Tire Corp reported a lower quarterly profit on Thursday as weak same store sales and growing loan loss provisions in its financial services business cut into profits.

Canada's biggest auto parts and household goods retailer said it earned C$85.4 million ($81.5 million), or C$1.04 a share, in its third quarter, down from C$109.1 million, or C$1.34 a share, in the same period a year earlier.

Adjusted earnings, which exclude nonoperating losses, were C$91 million, or C$1.11 a share.

Revenue fell 6 percent to C$2.45 billion.

Analysts had expected, on average, a profit of C$1.08 a share, before items, and revenue of C$2.15 billion, according to Thomson Reuters I/B/E/S.

Same store sales dropped 3.8 percent.

Canadian Tire shares, which have shown resilience in the tough economic environment and have risen 27 percent in the past year, were up 0.8 percent at C$58.25 on Thursday on the Toronto Stock Exchange.

($1=$1.05 Canadian)

(Reporting by Scott Anderson; editing by Rob Wilson)

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