Bluestem Group Inc. said its normalized net income for the fiscal second quarter ended July 31 was a loss of 3 cents per share, compared with 10 cents per share in the second quarter ended Aug. 1, 2014.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $4.6 million, compared with income of $9.7 million in the second quarter ended Aug. 1, 2014.
The normalized profit margin dropped to negative 2.9% from 52.9% in the year-earlier period.
Total revenue grew on an annual basis to $304.6 million from $18.2 million, and total operating expenses rose on an annual basis to $303.2 million from $7.3 million.
Reported net income came to a loss of $13.6 million, or a loss of 10 cents per share, compared to income of $13.1 million, or 13 cents per share, in the second quarter ended Aug. 1, 2014.