Canadian bank Tire 2Q Profit Falls as Russia Exit Costs Weigh

By Adriano Marchese Canadian Tire Corp. reported lower profit in its second quarter as costs of exiting its Helly Hansen Brand out of Russia took a bite out of earnings while revenue beat expectations in the period. On Thursday, the Canadian retail company reported lower net income, falling to 177.6 million Canadian dollars (US$139 million), or C$2.43 a share, compared with C$259.1 million, or C$3.64 a share a year earlier. Adjusted earnings fell to C$3.11 a share from C$3.72. According to FactSet, analysts were expecting a gentler fall to C$3.

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