Grendene SA said its normalized net income for the fourth quarter was 47 Brazilian centavos per share, a gain from 47 centavos per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 141.9 million reais, a gain from 139.8 million reais in the prior-year period.

The normalized profit margin increased to 20.7% from 18.9% in the year-earlier period.

Total revenue fell 8.9% on an annual basis to 675.3 million reais from 741.3 million reais, and total operating expenses fell 12.2% from the prior-year period to 490.3 million reais from 558.4 million reais.

Reported net income came to 194.1 million reais, or 64 centavos per share, compared to 195.3 million reais, or 65 centavos per share, in the year-earlier period.

For the year, the company's normalized net income totaled 1.30 reais per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 1.72 reais.

EPS rose 15.5% from 1.13 reais in the prior year.

Normalized net income was 392.6 million reais, a gain of 15.6% from 339.6 million reais in the prior year.

Full-year total revenue fell from the prior-year period to 2.20 billion reais from 2.23 billion reais, and total operating expenses declined year over year to 1.75 billion reais from 1.83 billion reais.

The company said reported net income rose 12.4% year over year to 551.2 million reais, or 1.83 reais per share, in the full year, from 490.2 million reais, or 1.63 reais per share.

As of Feb. 25, US$1 was equivalent to 3.95 reais.