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Reitmans (Canada) profit misses consensus by 34.6% in fiscal Q2

Reitmans (Canada) Ltd said its normalized net income for the fiscal second quarter ended Aug. 2 amounted to 12 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 19 cents per share.

EPS declined 27.2% year over year from 17 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$8.0 million, a decrease of 27.2% from C$11.0 million in the year-earlier period.

The normalized profit margin fell to 3.1% from 4.3% in the year-earlier period.

Total revenue grew on an annual basis to C$258.3 million from C$253.4 million, and total operating expenses climbed from the prior-year period to C$245.2 million from C$239.6 million.

Reported net income decreased 6.2% year over year to C$9.7 million, or 15 cents per share, from C$10.3 million, or 16 cents per share.