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Nanjing Xinjiekou Department Store swings to loss in Q1

Nanjing Xinjiekou Department Store Co. Ltd. said its first-quarter normalized net income came to a loss of 11 fen per share, compared with 7 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 a loss of 75.8 million yuan, compared with income of 49.4 million yuan in the year-earlier period.

The normalized profit margin dropped to negative 2.3% from 5.5% in the year-earlier period.

Total revenue grew year over year to 3.27 billion yuan from 901.4 million yuan, and total operating expenses increased on an annual basis to 3.35 billion yuan from 811.1 million yuan.

Reported net income came to a loss of 154.2 million yuan, or a loss of 22 fen per share, compared to income of 60.3 million yuan, or 9 fen per share, in the year-earlier period.

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