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GSRetail profit misses consensus by 44.7% in Q4

GSRetail Co. Ltd. said its normalized net income for the fourth quarter was 252.15 South Korean won per share, compared with the S&P Capital IQ consensus estimate of 456.01 won per share.

EPS declined 6.8% year over year from 270.65 won.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 19.42 billion won, a decline of 6.9% from 20.85 billion won in the prior-year period.

The normalized profit margin dropped to 1.2% from 1.7% in the year-earlier period.

Total revenue grew 32.4% on an annual basis to 1.656 trillion won from 1.251 trillion won, and total operating expenses grew 32.9% on an annual basis to 1.618 trillion won from 1.217 trillion won.

Reported net income fell on an annual basis to 22.13 billion won, or 287.40 won per share, from 22.73 billion won, or 295.03 won per share.

For the year, the company's normalized net income totaled 1,801.56 won per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 2,329.50 won.

EPS rose 43.7% from 1,253.67 won in the prior year.

Normalized net income was 138.72 billion won, a gain of 43.7% from 96.55 billion won in the prior year.

Full-year total revenue increased 26.4% on an annual basis to 6.273 trillion won from 4.962 trillion won, and total operating expenses grew 25.5% on an annual basis to 6.047 trillion won from 4.819 trillion won.

The company said reported net income rose 47.6% year over year to 164.21 billion won, or 2,132.57 won per share, in the full year, from 111.28 billion won, or 1,445.00 won per share.

As of March 9, US$1 was equivalent to 1,207.88 South Korean won.