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Clas Ohlson profit misses consensus by 29.9% in fiscal Q1

Clas Ohlson AB said its normalized net income for the fiscal first quarter ended July 31 was 1.01 Swedish kronor per share, compared with the S&P Capital IQ consensus estimate of 1.44 kronor per share.

EPS climbed 10.9% year over year from 91 öre.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 63.8 million kronor, an increase of 11.0% from 57.5 million kronor in the prior-year period.

The normalized profit margin rose to 3.9% from 3.8% in the year-earlier period.

Total revenue climbed 9.0% year over year to 1.64 billion kronor from 1.51 billion kronor, and total operating expenses rose 8.9% year over year to 1.54 billion kronor from 1.41 billion kronor.

Reported net income increased 12.9% from the prior-year period to 77.9 million kronor, or 1.23 kronor per share, from 69.0 million kronor, or 1.09 kronor per share.

As of Sept. 10, US$1 was equivalent to 7.10 Swedish kronor.