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Nagano Tokyu Department Store swings to loss in fiscal Q2

Nagano Tokyu Department Store Co. Ltd. said its normalized net income for the fiscal second quarter ended July 31 came to a loss of ¥3.46 per share, compared with ¥2.87 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of ¥33.1 million, compared with income of ¥27.5 million in the year-earlier period.

The normalized profit margin declined to negative 0.6% from 0.5% in the year-earlier period.

Total revenue declined 6.3% year over year to ¥5.24 billion from ¥5.59 billion, and total operating expenses decreased on an annual basis to ¥5.29 billion from ¥5.54 billion.

Reported net income came to a loss of ¥50.0 million, or a loss of ¥5.22 per share, compared to a loss of ¥61.0 million, or a loss of ¥6.37 per share, in the prior-year period.

As of Sept. 1, US$1 was equivalent to ¥104.24.