Tobu Store Co. Ltd. said its normalized net income for the fiscal fourth quarter ended Feb. 28 amounted to ¥32.29 per share, a decrease of 28.7% from ¥45.26 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥219.4 million, a decrease of 28.7% from ¥307.5 million in the prior-year period.

The normalized profit margin declined to 1.0% from 1.4% in the year-earlier period.

Total revenue totaled ¥21.43 billion, compared with ¥21.49 billion in the prior-year period, and total operating expenses came to ¥21.16 billion, compared with ¥21.07 billion in the year-earlier period.

Reported net income declined 90.3% from the prior-year period to ¥14.0 million, or ¥2.06 per share, from ¥144.0 million, or ¥21.20 per share.

For the year, the company's normalized net income totaled ¥120.06 per share, an increase of 9.3% from ¥109.84 per share in the prior year.

Normalized net income was ¥815.6 million, an increase of 9.3% from ¥746.3 million in the prior year.

Full-year total revenue rose year over year to ¥85.11 billion from ¥83.32 billion, and total operating expenses grew on an annual basis to ¥84.13 billion from ¥82.43 billion.

The company said reported net income fell 17.1% year over year to ¥179.0 million, or ¥26.35 per share, in the full year, from ¥216.0 million, or ¥31.79 per share.

As of May 27, US$1 was equivalent to ¥123.75.