Canadian Tire earnings fall despite sales growth

Canadian Tire Corp. reported Q2 profits that were down 30 percent, largely due to costs related to its operational efficiency program and the withdrawal of Helly Hansen from Russia. Earnings fell to $145.2-million, or $2.45 per share, from $259.1-million ($3.68) a year earlier. Without those special costs, net income would amount to $185.8-million, or $3.11 per share. Revenues for the quarter rose by 12.4 percent to $4.4-billion. Comp sales at Canadian Tire Retail grew by 3.9 percent.