Nanning Department Store Co. Ltd. said its first-quarter normalized net income was 1.7 million yuan, a fall of 8.1% from 1.8 million yuan in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to 0.3% from 0.3% in the year-earlier period.

Total revenue declined 9.3% year over year to 582.1 million yuan from 641.4 million yuan, and total operating expenses declined 9.4% year over year to 575.5 million yuan from 634.9 million yuan.

Reported net income declined 29.8% from the prior-year period to 740,280 yuan, or 0 fen per share, from 1.1 million yuan, or 0 fen per share.

As of April 29, US$1 was equivalent to 6.48 yuan.