Loblaw Cos. Ltd. said its normalized net income for the fiscal fourth quarter ended Jan. 2 came to 24 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 90 cents per share.

EPS fell 60.0% year over year from 61 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$101.5 million, a decline of 60.1% from C$254.4 million in the year-earlier period.

The normalized profit margin fell to 1.9% from 2.2% in the year-earlier period.

Total revenue fell year over year to C$10.87 billion from C$11.41 billion, and total operating expenses fell year over year to C$10.57 billion from C$10.84 billion.

Reported net income decreased 46.7% from the prior-year period to C$132.0 million, or 31 cents per share, from C$247.8 million, or 60 cents per share.

For the year, the company's normalized net income totaled C$1.63 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of C$3.47.

EPS rose 5.1% from C$1.55 in the prior year.

Normalized net income was C$677.1 million, a rise of 13.6% from C$596.3 million in the prior year.

Full-year total revenue rose 6.5% on an annual basis to C$45.39 billion from C$42.61 billion, and total operating expenses increased 6.3% year over year to C$43.69 billion from C$41.10 billion.

The company said reported net income grew on an annual basis to C$627.0 million, or C$1.51 per share, in the full year, from C$53.8 million, or 14 cents per share.