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Reject Shop swings to profit in fiscal H2

Reject Shop Ltd. said its normalized net income for the fiscal second half ended June 28 was 4 Australian cents per share, compared with a loss of 7 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was A$1.3 million, compared with a loss of A$2.1 million in the year-earlier period.

Total revenue grew 8.7% on an annual basis to A$354.6 million from A$326.1 million, and total operating expenses climbed 7.0% year over year to A$351.9 million from A$328.8 million.

Reported net income totaled A$1.4 million, or 5 cents per share, compared to a loss of A$2.4 million, or a loss of 8 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled 44 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 44 cents.

EPS declined from 44 cents in the prior year.

Normalized net income was A$12.6 million, a decrease from A$12.9 million in the prior year.

Full-year total revenue rose 6.4% year over year to A$756.8 million from A$711.5 million, and total operating expenses grew 6.6% year over year to A$735.1 million from A$689.6 million.

The company said reported net income fell on an annual basis to A$14.2 million, or 49 cents per share, in the full year, from A$14.5 million, or 50 cents per share.