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Wm Morrison Supermarkets profit misses consensus by 27.6% in fiscal H1

Wm Morrison Supermarkets PLC said its normalized net income for the fiscal first half ended Aug. 3 amounted to 5 Great British pence per share, compared with the S&P Capital IQ consensus estimate of 7 pence per share.

EPS fell 51.4% year over year from 10 pence.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was £113.1 million, a decrease of 51.2% from £231.9 million in the prior-year period.

Total revenue declined 4.9% on an annual basis to £8.50 billion from £8.94 billion, and total operating expenses fell year over year to £8.27 billion from £8.53 billion.

Reported net income fell 31.4% from the prior-year period to £183.1 million, or 8 pence per share, from £266.9 million, or 11 pence per share.