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Wm Morrison Supermarkets profit misses consensus by 96.8% in fiscal H2

Wm Morrison Supermarkets PLC said its normalized net income for the fiscal second half ended Feb. 1 was £5.0 million, compared with a loss of £5.6 million in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

Total revenue decreased on an annual basis to £8.32 billion from £8.74 billion, and total operating expenses declined 5.1% on an annual basis to £8.26 billion from £8.71 billion.

Reported net income totaled a loss of £944.2 million, or a loss of 40 pence per share, compared to a loss of £504.9 million, or a loss of 22 pence per share, in the year-earlier period.

For the year, the company's normalized net income totaled 5 pence per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 13 pence.

EPS declined 47.9% from 10 pence in the prior year.

Normalized net income was £118.1 million, a decrease of 47.8% from £226.3 million in the prior year.

Full-year total revenue declined on an annual basis to £16.82 billion from £17.68 billion, and total operating expenses decreased on an annual basis to £16.53 billion from £17.24 billion.

The company said reported net income came to a loss of £761.1 million, or a loss of 33 pence per share, in the full year, compared with a loss of £238.1 million, or a loss of 10 pence per share, the prior year.