Revenues, expenses rise at Canadian Tire

TORONTO ― Canadian Tire Corp’s Q2 profits tumbled 20% as the company increased spending to compete with Amazon and Walmart. Revenue rose to $3.48 billion from $3.37 billion, but expenses also increased to the tune of about 5% for a total of $831.2 million. Net income therefore fell to $156 million, or $2.38 per share, from $195.2 million ($2.81) a year earlier. Comparable same-store sales increased by 1.6%, discounting petroleum products.