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Rainbow Department Store Q4 profit falls YOY

Rainbow Department Store Co. Ltd. said its normalized net income for the fourth quarter was 15 fen per share, a decline of 86.4% from 1.12 yuan per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 122.6 million yuan, a decrease of 85.6% from 853.2 million yuan in the year-earlier period.

The normalized profit margin fell to 2.5% from 18.1% in the year-earlier period.

Total revenue climbed year over year to 4.92 billion yuan from 4.70 billion yuan, and total operating expenses grew from the prior-year period to 4.71 billion yuan from 4.53 billion yuan.

Reported net income decreased 83.6% from the prior-year period to 161.0 million yuan, or 20 fen per share, from 980.6 million yuan, or 1.29 yuan per share.

For the year, the company's normalized net income totaled 52 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 71 fen.

EPS declined 61.9% from 1.38 yuan in the prior year.

Normalized net income was 422.6 million yuan, a fall of 61.6% from 1.10 billion yuan in the prior year.

Full-year total revenue amounted to 17.27 billion yuan, compared with 17.40 billion yuan in the prior year, and total operating expenses decreased year over year to 16.64 billion yuan from 16.82 billion yuan.

The company said reported net income decreased 56.6% year over year to 524.1 million yuan, or 65 fen per share, in the full year, from 1.21 billion yuan, or 1.51 yuan per share.

As of March 10, US$1 was equivalent to 6.92 yuan.