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Shinsegae profit misses consensus by 15.3% in Q4

Shinsegae Inc. said its normalized net income for the fourth quarter was 4,841.90 South Korean won per share, compared with the S&P Capital IQ consensus estimate of 5,715.46 won per share.

In the prior-year period, the per-share result was a profit of 4,840.46 won.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 47.63 billion won, compared with 47.85 billion won in the year-earlier period.

The normalized profit margin fell to 6.5% from 6.7% in the year-earlier period.

Total revenue climbed on an annual basis to 731.51 billion won from 719.34 billion won, and total operating expenses totaled 628.32 billion won, compared with 622.84 billion won in the year-earlier period.

Reported net income fell 7.6% on an annual basis to 55.15 billion won, or 5,606.45 won per share, from 59.71 billion won, or 6,040.57 won per share.

For the year, the company's normalized net income totaled 13,742.03 won per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 40,127.90 won.

EPS rose 9.9% from 12,502.17 won in the prior year.

Normalized net income was 135.17 billion won, a rise of 9.9% from 122.98 billion won in the prior year.

Full-year total revenue rose year over year to 2.564 trillion won from 2.492 trillion won, and total operating expenses increased on an annual basis to 2.302 trillion won from 2.219 trillion won.

The company said reported net income rose year over year to 402.11 billion won, or 40,879.38 won per share, in the full year, from 156.61 billion won, or 15,922.00 won per share.

As of March 3, US$1 was equivalent to 1,211.12 South Korean won.