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H&M profit misses consensus by 20.6% in fiscal Q4

H&M Hennes & Mauritz AB said its normalized net income for the fiscal fourth quarter ended Nov. 30, 2015, was 2.70 Swedish kronor per share, compared with the S&P Capital IQ consensus estimate of 3.40 kronor per share.

EPS decreased 8.3% year over year from 2.95 kronor.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 4.47 billion kronor, a decrease of 8.3% from 4.87 billion kronor in the year-earlier period.

The normalized profit margin dropped to 9.2% from 11.4% in the year-earlier period.

Total revenue increased 14.2% on an annual basis to 48.69 billion kronor from 42.64 billion kronor, and total operating expenses rose 19.2% year over year to 41.61 billion kronor from 34.91 billion kronor.

Reported net income decreased 11.2% on an annual basis to 5.53 billion kronor, or 3.34 kronor per share, from 6.22 billion kronor, or 3.76 kronor per share.

For the year, the company's normalized net income totaled 10.29 kronor per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 12.75 kronor.

EPS rose 5.2% from 9.78 kronor in the prior year.

Normalized net income was 17.03 billion kronor, a gain of 5.2% from 16.18 billion kronor in the prior year.

Full-year total revenue rose 19.4% year over year to 180.86 billion kronor from 151.42 billion kronor, and total operating expenses grew 22.3% year over year to 153.92 billion kronor from 125.84 billion kronor.

The company said reported net income rose on an annual basis to 20.90 billion kronor, or 12.63 kronor per share, in the full year, from 19.98 billion kronor, or 12.07 kronor per share.

As of March 30, US$1 was equivalent to 8.14 Swedish kronor.