Fred's Inc. said its normalized net income for the fiscal first quarter ended May 3 came to 17 cents per share, compared with the S&P Capital IQ consensus estimate of 20 cents per share.
EPS decreased 44.3% year over year from 30 cents.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $6.2 million, a decrease of 43.9% from $11.0 million in the prior-year period.
The normalized profit margin fell to 1.2% from 2.2% in the year-earlier period.
Total revenue totaled $498.3 million, compared with $501.5 million in the year-earlier period, and total operating expenses came to $488.2 million, compared with $483.7 million in the year-earlier period.
Reported net income fell 44.8% year over year to $6.3 million, or 17 cents per share, from $11.4 million, or 31 cents per share.
