Canadian Tire quarterly profit dips on higher costs

This post was originally published on this site

Like its U.S. peers, Canadian Tires’ profits are getting squeezed as consumers pinched by higher prices for everything from toothpaste to gas curtail spending on non-essential items such as apparel and home decor.

The company’s net income fell to C$225 million ($165.83 million) in the third quarter ended Oct. 1 from C$279.5 million a year earlier.

The company’s total revenue rose 8.1% to C$4.23 billion ($3.12 billion), in line with analysts’ average estimate of C$4.23 billion, according to IBES data from Refinitiv.

($1 = 1.3568 Canadian dollars)