November 7, 2019 / 11:13 AM / 7 days ago

Canadian Tire revenue misses estimates on growing competition

Nov 7 (Reuters) - Diversified retailer Canadian Tire Corp Ltd reported quarterly revenue below Wall Street estimates on Thursday, hurt by rising competition from Walmart Inc and Amazon.com.

Net income fell to C$227.7 million, or C$3.20 per share, in the third quarter ended Sept. 28, from C$231.3 million, or C$3.15 per share, a year earlier.

Revenue rose marginally to C$3.64 billion ($2.77 billion), but missed the average analyst estimate of C$3.73 billion, according to IBES data from Refinitiv. ($1 = 1.3163 Canadian dollars) (Reporting by Praveen Paramasivam in Bengaluru; Editing by Shinjini Ganguli)

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