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J Sainsbury profit misses consensus by 33.1% in fiscal H2

J Sainsbury plc said its normalized net income for the fiscal second half ended March 14 was 7 Great British pence per share, compared with the S&P Capital IQ consensus estimate of 11 pence per share.

EPS decreased 23.0% year over year from 9 pence.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was £136.3 million, a decline of 25.3% from £182.5 million in the prior-year period.

Total revenue fell year over year to £11.11 billion from £11.27 billion, and total operating expenses declined from the prior-year period to £10.81 billion from £10.93 billion.

Reported net income decreased 51.3% year over year to £185.7 million, or 9 pence per share, from £381.0 million, or 19 pence per share.

For the year, the company's normalized net income totaled 18 pence per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 25 pence.

EPS declined 21.0% from 23 pence in the prior year.

Normalized net income was £347.5 million, a fall of 23.3% from £453.1 million in the prior year.

Full-year total revenue totaled £23.77 billion, compared with £23.95 billion in the prior year, and total operating expenses totaled £23.10 billion, compared with £23.14 billion in the year-earlier period.

The company said reported net income totaled a loss of £166.0 million, or a loss of 9 pence per share, in the full year, compared with income of £727.0 million, or 37 pence per share, the prior year.