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Grupo Sports World profit misses consensus by 55.5% in Q2

Grupo Sports World SAB de CV said its normalized net income for the second quarter amounted to 4 Mexican centavos per share, compared with the S&P Capital IQ consensus estimate of 9 centavos per share.

EPS decreased 64.5% year over year from 12 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.4 million pesos, a decrease of 64.1% from 9.5 million pesos in the year-earlier period.

The normalized profit margin dropped to 1.2% from 3.7% in the year-earlier period.

Total revenue rose 11.5% on an annual basis to 288.4 million pesos from 258.6 million pesos, and total operating expenses rose 15.8% from the prior-year period to 275.4 million pesos from 237.8 million pesos.

Reported net income fell 63.9% on an annual basis to 4.1 million pesos, or 5 centavos per share, from 11.3 million pesos, or 14 centavos per share.

As of July 21, US$1 was equivalent to 15.97 Mexican pesos.