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Global Brands Group H2 profit falls YOY

Global Brands Group Holding Ltd. said its normalized net income for the second half was $81.8 million, a decrease of 20.4% from $102.8 million in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

Total revenue grew on an annual basis to $2.14 billion from $2.10 billion, and total operating expenses rose on an annual basis to $1.98 billion from $1.91 billion.

Reported net income decreased 28.4% from the prior-year period to $144.8 million, or 2 cents per share, from $202.4 million, or 2 cents per share.

For the year, the company's normalized net income totaled $16.7 million, a fall of 54.3% from $36.5 million in the prior year.

Full-year total revenue totaled $3.42 billion, compared with $3.45 billion in the prior year, and total operating expenses totaled $3.33 billion, compared with $3.35 billion in the year-earlier period.

The company said reported net income increased 5.6% year over year to $110.0 million, or 1 cents per share, in the full year, from $104.2 million, or 1 cents per share.