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Foschini Group profit misses consensus by 16.3% in fiscal H2

The Foschini Group Ltd said its normalized net income for the fiscal second half ended March 31 came to 4.27 rand per share, compared with the S&P Capital IQ consensus estimate of 5.11 rand per share.

EPS rose 22.3% year over year from 3.50 rand.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 885.8 million rand, a gain of 23.0% from 720.2 million rand in the prior-year period.

Total revenue climbed 17.1% on an annual basis to 8.78 billion rand from 7.50 billion rand, and total operating expenses increased 17.9% from the prior-year period to 7.22 billion rand from 6.13 billion rand.

Reported net income declined 13.8% on an annual basis to 715.9 million rand, or 3.46 rand per share, from 831.0 million rand, or 4.03 rand per share.

For the year, the company's normalized net income totaled 7.63 rand per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 9.26 rand.

EPS rose 18.2% from 6.46 rand in the prior year.

Normalized net income was 1.57 billion rand, a gain of 17.4% from 1.34 billion rand in the prior year.

Full-year total revenue grew 13.6% from the prior-year period to 16.09 billion rand from 14.16 billion rand, and total operating expenses rose 14.3% on an annual basis to 13.28 billion rand from 11.62 billion rand.

The company said reported net income decreased year over year to 1.50 billion rand, or 7.27 rand per share, in the full year, from 1.54 billion rand, or 7.42 rand per share.

As of July 22, US$1 was equivalent to 12.38 rand.