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Pets at Home Group profit misses consensus by 21.5% in fiscal H2

Pets at Home Group PLC said its normalized net income for the fiscal second half ended March 26 came to 6 Great British pence per share, compared with the S&P Capital IQ consensus estimate of 7 pence per share.

EPS fell 44.8% year over year from 10 pence.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was £29.1 million, an increase of 50.3% from £19.3 million in the prior-year period.

Total revenue rose 8.9% on an annual basis to £347.6 million from £319.2 million, and total operating expenses climbed 9.2% on an annual basis to £296.6 million from £271.6 million.

Reported net income totaled £37.2 million, or 7 pence per share, compared to a loss of £19.2 million, or a loss of 10 pence per share, in the prior-year period.

For the year, the company's normalized net income totaled 11 pence per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 14 pence.

EPS declined 41.8% from 19 pence in the prior year.

Normalized net income was £54.4 million, a gain of 66.5% from £32.6 million in the prior year.

Full-year total revenue increased 9.6% on an annual basis to £729.1 million from £665.4 million, and total operating expenses increased 9.8% year over year to £632.3 million from £576.0 million.

The company said reported net income came to £72.2 million, or 14 pence per share, in the full year, compared with a loss of £24.2 million, or a loss of 14 pence per share, the prior year.