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Daegu Department Store swings to loss in fiscal Q4

Daegu Department Store Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was a loss of 18.07 South Korean won per share, compared with 13.34 won 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 loss of 138.7 million won, compared with income of 106.9 million won in the year-earlier period.

The normalized profit margin declined to negative 0.4% from 0.3% in the year-earlier period.

Total revenue increased year over year to 41.27 billion won from 39.69 billion won, and total operating expenses increased 5.0% year over year to 40.78 billion won from 38.83 billion won.

Reported net income totaled a loss of 1.15 billion won, or a loss of 150.48 won per share, compared to income of 255.6 million won, or 31.90 won per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 59.89 won per share, compared with 165.10 won per share in the prior year.

Normalized net income was a loss of 459.6 million won, compared with income of 1.34 billion won in the prior year.

Full-year total revenue amounted to 158.29 billion won, compared with 158.15 billion won in the prior year, and total operating expenses increased on an annual basis to 154.66 billion won from 152.88 billion won.

The company said reported net income grew 97.1% year over year to 5.47 billion won, or 712.66 won per share, in the full year, from 2.78 billion won, or 341.00 won per share.

As of June 16, US$1 was equivalent to 1,177.54 South Korean won.