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Loblaw profit misses consensus by 46.3% in fiscal Q3

Loblaw Cos. Ltd. said its normalized net income for the fiscal third quarter ended Oct. 10 came to 52 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 97 cents per share.

EPS climbed 19.6% year over year from 44 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$217.9 million, an increase of 19.4% from C$182.5 million in the year-earlier period.

The normalized profit margin climbed to 1.6% from 1.3% in the year-earlier period.

Total revenue rose year over year to C$13.95 billion from C$13.60 billion, and total operating expenses grew on an annual basis to C$13.41 billion from C$13.16 billion.

Reported net income increased 17.4% year over year to C$166.4 million, or 40 cents per share, from C$141.7 million, or 34 cents per share.