Gap Inc. said its normalized net income for the fiscal fourth quarter ended Jan. 30 amounted to 59 cents per share, compared with the S&P Capital IQ consensus estimate of 57 cents per share.

EPS declined 20.8% year over year from 75 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $238.1 million, a decrease of 25.6% from $320.0 million in the year-earlier period.

The normalized profit margin dropped to 5.8% from 6.8% in the year-earlier period.

Total revenue fell 6.9% year over year to $4.38 billion from $4.71 billion, and total operating expenses fell on an annual basis to $4.02 billion from $4.18 billion.

Reported net income declined 32.7% on an annual basis to $216.3 million, or 54 cents per share, from $321.5 million, or 75 cents per share.

For the year, the company's normalized net income totaled $2.45 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $2.41.

EPS declined 13.1% from $2.82 in the prior year.

Normalized net income was $1.01 billion, a fall of 18.4% from $1.24 billion in the prior year.

Full-year total revenue declined year over year to $15.80 billion from $16.43 billion, and total operating expenses declined on an annual basis to $14.15 billion from $14.38 billion.

The company said reported net income decreased 27.1% on an annual basis to $921.0 million, or $2.23 per share, in the full year, from $1.26 billion, or $2.87 per share.