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Bluestem Group swings to loss in fiscal Q2

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Bluestem Group swings to loss in fiscal Q2

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.