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Jean Coutu Group profit misses consensus by 18.2% in fiscal Q4

Jean Coutu Group (PJC) Inc. said its normalized net income for the fiscal fourth quarter ended Feb. 28 was 26 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 32 cents per share.

In the prior-year period, the per-share result was a profit of 26 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$47.4 million, a decrease from C$49.4 million in the fourth quarter ended March 1, 2014.

The normalized profit margin fell to 6.9% from 7.5% in the year-earlier period.

Total revenue rose year over year to C$689.4 million from C$661.4 million, and total operating expenses climbed 5.3% from the prior-year period to C$613.7 million from C$582.7 million.

Reported net income declined 6.5% year over year to C$54.2 million, or 29 cents per share, from C$58.0 million, or 30 cents per share.

For the year, the company's normalized net income totaled 100 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of C$1.19.

EPS rose 8.5% from 92 cents in the prior year.

Normalized net income was C$187.8 million, a decline from C$189.9 million in the prior year.

Full-year total revenue increased from the prior-year period to C$2.72 billion from C$2.64 billion, and total operating expenses increased on an annual basis to C$2.42 billion from C$2.34 billion.

The company said reported net income fell 50.1% on an annual basis to C$218.0 million, or C$1.16 per share, in the full year, from C$437.1 million, or C$2.12 per share.