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Grupo Sanborns Q2 profit climbs 8.1% YOY

Grupo Sanborns S.A.B. de C.V. said its second-quarter normalized net income came to 26 Mexican centavos per share, compared with the S&P Capital IQ consensus estimate of 28 centavos per share.

EPS rose 11.1% year over year from 24 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 611.3 million pesos, an increase of 8.1% from 565.6 million pesos in the prior-year period.

The normalized profit margin rose to 6.0% from 6.0% in the year-earlier period.

Total revenue increased 8.0% year over year to 10.25 billion pesos from 9.48 billion pesos, and total operating expenses rose 7.3% year over year to 9.17 billion pesos from 8.54 billion pesos.

Reported net income rose 13.5% on an annual basis to 651.4 million pesos, or 28 centavos per share, from 573.9 million pesos, or 24 centavos per share.

As of July 23, US$1 was equivalent to 16.10 Mexican pesos.