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Kingfisher profit misses consensus by 23.8% in fiscal H2

Kingfisher PLC said its normalized net income for the fiscal second half ended Jan. 31 came to 8 Great British pence per share, compared with the S&P Capital IQ consensus estimate of 10 pence per share.

EPS fell 19.5% year over year from 10 pence.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was £180.9 million, a decline of 20.4% from £227.1 million in the second half ended Feb. 1, 2014.

Total revenue declined on an annual basis to £5.20 billion from £5.41 billion, and total operating expenses decreased from the prior-year period to £4.91 billion from £5.04 billion.

Reported net income rose 10.3% year over year to £295.4 million, or 13 pence per share, from £267.9 million, or 11 pence per share.

For the year, the company's normalized net income totaled 17 pence per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 21 pence.

EPS declined 9.6% from 19 pence in the prior year.

Normalized net income was £410.0 million, a decline of 10.1% from £455.9 million in the prior year.

Full-year total revenue decreased from the prior-year period to £10.97 billion from £11.13 billion, and total operating expenses came to £10.31 billion, compared with £10.40 billion in the prior-year period.

The company said reported net income declined 19.0% year over year to £573.3 million, or 24 pence per share, in the full year, from £707.5 million, or 30 pence per share.