North West Co. Inc. said its normalized net income for the fiscal first quarter ended April 30 was 23 Canadian cents per share, a decrease from 24 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$11.3 million, a decrease from C$11.7 million in the year-earlier period.

The normalized profit margin fell to 3.0% from 3.2% in the year-earlier period.

Total revenue rose on an annual basis to C$376.3 million from C$364.5 million, and total operating expenses grew on an annual basis to C$356.4 million from C$344.2 million.

Reported net income declined on an annual basis to C$12.7 million, or 26 cents per share, from C$13.1 million, or 27 cents per share.