Rami Levi Chain Stores Hashikma Marketing 2006 Ltd. said its first-quarter normalized net income was 1.11 shekels per share, a decrease of 21.6% from 1.42 shekels per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 15.0 million shekels, a decline of 21.6% from 19.1 million shekels in the prior-year period.

The normalized profit margin declined to 1.6% from 2.4% in the year-earlier period.

Total revenue rose 16.2% on an annual basis to 944.3 million shekels from 812.8 million shekels, and total operating expenses increased 17.7% year over year to 920.7 million shekels from 782.5 million shekels.

Reported net income declined 24.1% from the prior-year period to 18.2 million shekels, or 1.35 shekels per share, from 23.9 million shekels, or 1.77 shekels per share.

As of May 28, US$1 was equivalent to 3.87 shekels.