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Marks & Spencer profit misses consensus by 16.8% in fiscal H2

Marks and Spencer Group plc said its normalized net income for the fiscal second half ended March 28 amounted to 16 Great British pence per share, compared with the S&P Capital IQ consensus estimate of 19 pence per share.

EPS climbed 5.7% year over year from 15 pence.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was £264.0 million, an increase of 7.1% from £246.4 million in the year-earlier period.

Total revenue totaled £5.41 billion, compared with £5.43 billion in the year-earlier period, and total operating expenses fell year over year to £4.95 billion from £5.00 billion.

Reported net income decreased 5.9% from the prior-year period to £258.7 million, or 16 pence per share, from £274.8 million, or 17 pence per share.

For the year, the company's normalized net income totaled 26 pence per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 33 pence.

EPS rose from 25 pence in the prior year.

Normalized net income was £432.2 million, a rise from £414.4 million in the prior year.

Full-year total revenue totaled £10.31 billion, compared with £10.31 billion in the prior year, and total operating expenses totaled £9.53 billion, compared with £9.56 billion in the prior-year period.

The company said reported net income decreased 7.4% year over year to £485.8 million, or 30 pence per share, in the full year, from £524.6 million, or 32 pence per share.