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Loblaw profit misses consensus by 44.6% in fiscal Q2

Loblaw Cos. Ltd. said its normalized net income for the fiscal second quarter ended June 20 came to 46 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 83 cents per share.

EPS rose year over year from 11 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$190.9 million, a gain from C$42.5 million in the year-earlier period.

The normalized profit margin increased to 1.8% from 0.4% in the year-earlier period.

Total revenue increased year over year to C$10.54 billion from C$10.31 billion, and total operating expenses came to C$10.13 billion, compared with C$10.09 billion in the prior-year period.

Reported net income came to C$183.3 million, or 44 cents per share, compared to a loss of C$455.4 million, or a loss of C$1.13 per share, in the year-earlier period.