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Venue Retail profit misses consensus by 61.1% in fiscal Q1

Venue Retail Group AB said its normalized net income for the fiscal first quarter ended Nov. 30, 2014, was 3 Swedish öre per share, compared with the S&P Capital IQ consensus estimate of 8 öre per share.

The per-share result swung to a profit from the prior-year loss of 8 öre.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 375,000 kronor, compared with a loss of 625,000 kronor in the prior-year period.

The normalized profit margin dropped to negative 1.4% from negative 0.3% in the year-earlier period.

Total revenue came to 216.0 million kronor, compared with 216.5 million kronor in the prior-year period, and total operating expenses increased from the prior-year period to 222.2 million kronor from 218.8 million kronor.

Reported net income came to a loss of 2.0 million kronor, or a loss of 17 öre per share, compared to a loss of 2.4 million kronor, or a loss of 30 öre per share, in the prior-year period.

As of Jan. 15, US$1 was equivalent to 8.12 Swedish kronor.