Dillard's Inc. said its normalized net income for the fiscal first quarter ended May 2 was $2.54 per share, compared with the S&P Capital IQ consensus estimate of $2.78 per share.

EPS increased year over year from $2.47.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $104.7 million, a decrease from $107.7 million in the prior-year period.

The normalized profit margin fell to 6.5% from 6.8% in the year-earlier period.

Total revenue rose on an annual basis to $1.61 billion from $1.59 billion, and total operating expenses grew on an annual basis to $1.43 billion from $1.40 billion.

Reported net income declined from the prior-year period to $109.6 million, or $2.66 per share, from $111.7 million, or $2.56 per share.