Saga Falabella S.A. said its normalized net income for the first quarter came to 6 Peruvian céntimos per share, a decline of 10.5% from 6 céntimos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 13.8 million soles, a decrease of 10.5% from 15.4 million soles in the prior-year period.

The normalized profit margin fell to 2.2% from 2.6% in the year-earlier period.

Total revenue grew on an annual basis to 613.2 million soles from 593.0 million soles, and total operating expenses rose year over year to 596.7 million soles from 578.5 million soles.

Reported net income declined 5.7% on an annual basis to 14.9 million soles, or 6 céntimos per share, from 15.8 million soles, or 6 céntimos per share.

As of May 2, US$1 was equivalent to 3.29 soles.