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Marui Group fiscal Q1 profit falls YOY

Marui Group Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to ¥11.14 per share, a decline of 17.6% from ¥13.52 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥3.05 billion, a decrease of 17.6% from ¥3.70 billion in the year-earlier period.

The normalized profit margin dropped to 3.2% from 3.8% in the year-earlier period.

Total revenue decreased on an annual basis to ¥95.18 billion from ¥96.93 billion, and total operating expenses totaled ¥90.41 billion, compared with ¥91.24 billion in the prior-year period.

Reported net income declined 22.0% on an annual basis to ¥2.67 billion, or ¥9.77 per share, from ¥3.43 billion, or ¥12.52 per share.

As of July 31, US$1 was equivalent to ¥102.82.