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Canadian Tire profit misses consensus by 15.5% in fiscal Q1

Canadian Tire Corp. Ltd said its normalized net income for the fiscal first quarter ended April 4 was 74 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 88 cents per share.

In the prior-year period, the per-share result came in at a profit of 74 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$57.9 million, a decline from C$59.8 million in the first quarter ended March 29, 2014.

The normalized profit margin dropped to 2.3% from 2.3% in the year-earlier period.

Total revenue declined on an annual basis to C$2.51 billion from C$2.57 billion, and total operating expenses decreased from the prior-year period to C$2.37 billion from C$2.44 billion.

Reported net income came to C$68.6 million, or 88 cents per share, compared to C$70.9 million, or 88 cents per share, in the first quarter ended March 29, 2014.