Lovisa Holdings Ltd. said its normalized net income for the fiscal first half ended Dec. 27, 2015, came to 11 Australian cents per share, a decline of 40.1% from 18 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was A$11.0 million, a decline of 41.4% from A$18.8 million in the prior-year period.

Total revenue rose 13.1% on an annual basis to A$82.6 million from A$73.0 million, and total operating expenses increased 16.3% on an annual basis to A$64.7 million from A$55.6 million.

Reported net income fell 46.9% from the prior-year period to A$13.5 million, or 13 cents per share, from A$25.5 million, or 24 cents per share.