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Banners Co. fiscal Q1 profit falls YOY

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Banners Co. fiscal Q1 profit falls YOY

Banners Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 61 Japanese sen per share, a decline of 6.8% from 65 sen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥11.9 million, a decline of 9.5% from ¥13.1 million in the prior-year period.

The normalized profit margin dropped to 1.3% from 1.6% in the year-earlier period.

Total revenue rose 11.8% on an annual basis to ¥890.0 million from ¥796.0 million, and total operating expenses rose 12.2% year over year to ¥866.0 million from ¥772.0 million.

Reported net income decreased 26.1% from the prior-year period to ¥17.0 million, or 87 sen per share, from ¥23.0 million, or ¥1.14 per share.

As of Aug. 12, US$1 was equivalent to ¥102.19.