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Rainbow Department Store Q1 profit falls YOY

Rainbow Department Store Co. Ltd. said its first-quarter normalized net income amounted to 18 fen per share, a decline of 13.7% from 20 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 139.5 million yuan, a decline of 12.6% from 159.6 million yuan in the year-earlier period.

The normalized profit margin dropped to 3.0% from 3.6% in the year-earlier period.

Total revenue increased 10.5% year over year to 4.86 billion yuan from 4.40 billion yuan, and total operating expenses climbed 11.5% year over year to 4.65 billion yuan from 4.17 billion yuan.

Reported net income declined 12.0% on an annual basis to 158.8 million yuan, or 20 fen per share, from 180.4 million yuan, or 23 fen per share.

As of April 29, US$1 was equivalent to 6.20 yuan.