Felissimo Corp. said its normalized net income for the fiscal first quarter ended May 31 came to a loss of ¥7.79 per share, compared with ¥14.83 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of ¥76.9 million, compared with income of ¥146.3 million in the prior-year period.

The normalized profit margin dropped to negative 0.8% from 1.4% in the year-earlier period.

Total revenue declined 8.8% year over year to ¥9.41 billion from ¥10.32 billion, and total operating expenses decreased 6.6% from the prior-year period to ¥9.59 billion from ¥10.26 billion.

Reported net income came to a loss of ¥96.0 million, or a loss of ¥9.73 per share, compared to income of ¥112.0 million, or ¥11.36 per share, in the year-earlier period.

As of July 14, US$1 was equivalent to ¥101.58.