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Village Vanguard swings to profit in fiscal Q2

Village Vanguard Co. LTD. said its normalized net income for the fiscal second quarter ended Nov. 30, 2014, came to ¥13.62 per share, compared with a loss of ¥45.09 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥105.0 million, compared with a loss of ¥346.9 million in the prior-year period.

The normalized profit margin rose to 1.0% from negative 3.5% in the year-earlier period.

Total revenue grew 8.7% on an annual basis to ¥10.87 billion from ¥10.00 billion, and total operating expenses rose on an annual basis to ¥10.72 billion from ¥10.59 billion.

Reported net income totaled ¥48.7 million, or ¥6.32 per share, compared to a loss of ¥623.0 million, or a loss of ¥80.98 per share, in the year-earlier period.

As of Jan. 14, US$1 was equivalent to ¥116.84.