Greggs PLC said its normalized net income for the fiscal second half ended Jan. 2 amounted to 29 Great British pence per share, an increase of 13.9% from 25 pence per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was £29.7 million, a gain of 14.8% from £25.8 million in the year-earlier period.

Total revenue grew year over year to £437.3 million from £431.7 million, and total operating expenses totaled £390.1 million, compared with £390.5 million in the year-earlier period.

Reported net income rose 19.5% year over year to £37.5 million, or 36 pence per share, from £31.4 million, or 31 pence per share.

For the year, the company's normalized net income totaled 44 pence per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 55 pence.

EPS rose 23.9% from 36 pence in the prior year.

Normalized net income was £45.6 million, a gain of 25.4% from £36.4 million in the prior year.

Full-year total revenue increased from the prior-year period to £835.7 million from £806.1 million, and total operating expenses rose year over year to £762.9 million from £748.0 million.

The company said reported net income grew 53.4% year over year to £57.6 million, or 56 pence per share, in the full year, from £37.5 million, or 37 pence per share.