Wm Morrison Supermarkets PLC said its normalized net income for the fiscal second half ended Jan. 31 came to £56.3 million, an increase from £5.0 million in the second half ended Feb. 1, 2015.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

Total revenue declined on an annual basis to £8.06 billion from £8.32 billion, and total operating expenses fell from the prior-year period to £7.92 billion from £8.26 billion.

Reported net income totaled £114.7 million, or 5 pence per share, compared to a loss of £944.2 million, or a loss of 40 pence per share, in the second half ended Feb. 1, 2015.

For the year, the company's normalized net income totaled 3 pence per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 9 pence.

EPS declined 36.7% from 5 pence in the prior year.

Normalized net income was £75.0 million, a decrease of 36.5% from £118.1 million in the prior year.

Full-year total revenue declined on an annual basis to £16.12 billion from £16.82 billion, and total operating expenses fell on an annual basis to £15.90 billion from £16.53 billion.

The company said reported net income came to £221.7 million, or 9 pence per share, in the full year, compared with a loss of £761.1 million, or a loss of 33 pence per share, the prior year.