Sears Hometown and Outlet Stores Inc. said its normalized net income for the fiscal first quarter ended May 2 came to 15 cents per share, a decline of 13.3% from 17 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $3.3 million, a decrease of 13.3% from $3.8 million in the year-earlier period.

The normalized profit margin fell to 0.4% from 0.6% in the year-earlier period.

Total revenue fell on an annual basis to $582.8 million from $589.9 million, and total operating expenses fell on an annual basis to $577.4 million from $583.5 million.

Reported net income declined 43.8% on an annual basis to $2.0 million, or 9 cents per share, from $3.6 million, or 16 cents per share.