Maxvalu Tokai Co. Ltd. said its normalized net income for the fiscal first quarter ended May 31 was ¥20.89 per share, an increase of 20.3% from ¥17.37 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥371.9 million, a gain of 20.5% from ¥308.6 million in the year-earlier period.

The normalized profit margin climbed to 0.7% from 0.6% in the year-earlier period.

Total revenue climbed year over year to ¥51.53 billion from ¥49.61 billion, and total operating expenses climbed from the prior-year period to ¥50.97 billion from ¥49.15 billion.

Reported net income declined 22.7% from the prior-year period to ¥234.2 million, or ¥13.16 per share, from ¥303.1 million, or ¥17.06 per share.

As of July 8, US$1 was equivalent to ¥101.55.