UPDATE 1-Canadian Tire profit rises with retail sales

TORONTO Thu May 12, 2011 8:54am EDT

TORONTO May 12 (Reuters) - Canadian Tire Corp (CTC.TO) (CTCa.TO), which is buying Forzani Group Ltd FGL.TO for C$771 million, reported a higher quarterly profit on Thursday, helped by retail sales growth.

First-quarter earnings rose to C$58.4 million, or 71 Canadian cents a share, from C$51.6 million, or 63 Canadian cents, a year earlier.

Revenue rose 5 percent to C$1.98 billion. Total retail sales rose 3.7 percent. (Reporting by S. John Tilak)

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