MaxValu Tohoku Co. Ltd. said its normalized net income for the fiscal first quarter ended May 31 came to ¥1.51 per share, a decline of 79.4% from ¥7.35 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥27.5 million, a decrease of 78.7% from ¥129.4 million in the prior-year period.

The normalized profit margin dropped to 0.1% from 0.5% in the year-earlier period.

Total revenue climbed 16.9% year over year to ¥27.99 billion from ¥23.94 billion, and total operating expenses increased 17.6% from the prior-year period to ¥27.94 billion from ¥23.76 billion.

Reported net income came to a loss of ¥25.0 million, or a loss of ¥1.37 per share, compared to income of ¥103.0 million, or ¥5.85 per share, in the year-earlier period.

As of July 3, US$1 was equivalent to ¥102.19.