Dollar Tree Inc. said its normalized net income for the fiscal first quarter ended May 2 was 37 cents per share, compared with the S&P Capital IQ consensus estimate of 75 cents per share.

EPS fell 44.6% year over year from 67 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $77.3 million, a decline of 44.8% from $139.9 million in the prior-year period.

The normalized profit margin dropped to 3.5% from 7.0% in the year-earlier period.

Total revenue increased 8.8% year over year to $2.18 billion from $2.00 billion, and total operating expenses rose 9.3% year over year to $1.93 billion from $1.77 billion.

Reported net income fell 49.4% on an annual basis to $70.4 million, or 34 cents per share, from $139.2 million, or 67 cents per share.