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Grupo Sanborns profit misses consensus by 17.1% in Q1

Grupo Sanborns SAB de CV said its first-quarter normalized net income came to 22 Mexican centavos per share, compared with the S&P Capital IQ consensus estimate of 26 centavos per share.

EPS climbed year over year from 21 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 507.6 million pesos, compared with 511.5 million pesos in the prior-year period.

The normalized profit margin dropped to 5.1% from 5.7% in the year-earlier period.

Total revenue increased 10.0% on an annual basis to 9.93 billion pesos from 9.02 billion pesos, and total operating expenses rose 10.3% from the prior-year period to 9.02 billion pesos from 8.18 billion pesos.

Reported net income increased on an annual basis to 557.8 million pesos, or 24 centavos per share, from 549.1 million pesos, or 23 centavos per share.

As of April 24, US$1 was equivalent to 15.38 Mexican pesos.