11/12/2015 11:39 EST | Updated 11/12/2016 00:12 EST

Canadian Tire reports stronger third-quarter profits on better retail sales

TORONTO — Canadian Tire Corp. (TSX:CTC) says profits rose 20.5 per cent in the third quarter on stronger sales.

The retailer, which sells a wide array of automotive, hardware and sports products, reported net income of $199.7 million from $172.2 million a year ago.

The results were equivalent to $2.62 on a per share basis versus $2.17 in the comparable period.

The company's total revenue increased 1.9 per cent to $3.13 billion from $3.07 billion.

Within its retail division, sales grew two per cent, though they were hindered by the negative effects of lower oil prices on gasoline sales.

The Canadian Press