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Hudson's Bay profit misses consensus by 23.8% in fiscal Q4

Hudson's Bay Co. said its normalized net income for the fiscal fourth quarter ended Jan. 31 amounted to 53 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 69 cents per share.

EPS rose year over year from 14 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$96.3 million, an increase of 42.6% from C$67.5 million in the fourth quarter ended Feb. 1, 2014.

The normalized profit margin dropped to 2.7% from 2.8% in the year-earlier period.

Total revenue increased 9.3% year over year to C$2.63 billion from C$2.41 billion, and total operating expenses rose 6.9% from the prior-year period to C$2.40 billion from C$2.25 billion.

Reported net income rose from the prior-year period to C$110.9 million, or 61 cents per share, from C$32.0 million, or 7 cents per share.

For the year, the company's normalized net income totaled 10 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 38 cents.

EPS declined 79.5% from 47 cents in the prior year.

Normalized net income was C$17.5 million, a fall of 72.3% from C$63.1 million in the prior year.

Full-year total revenue increased 56.4% year over year to C$8.17 billion from C$5.22 billion, and total operating expenses rose 57.6% on an annual basis to C$7.92 billion from C$5.03 billion.

The company said reported net income came to C$237.9 million, or C$1.30 per share, in the full year, compared with a loss of C$182.0 million, or a loss of C$1.35 per share, the prior year.