Matsumotokiyoshi Holdings Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 was ¥19.06 per share, a decline of 40.9% from ¥32.26 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥2.07 billion, a decline of 41.2% from ¥3.52 billion in the year-earlier period.

The normalized profit margin declined to 1.9% from 3.0% in the year-earlier period.

Total revenue fell 5.5% year over year to ¥111.78 billion from ¥118.28 billion, and total operating expenses fell from the prior-year period to ¥109.03 billion from ¥113.12 billion.

Reported net income fell 48.4% year over year to ¥1.59 billion, or ¥14.60 per share, from ¥3.07 billion, or ¥28.16 per share.

As of Aug. 12, US$1 was equivalent to ¥102.19.