Bed Bath & Beyond Inc. said its normalized net income for the fiscal first quarter ended May 31 was 92 cents per share, compared with the S&P Capital IQ consensus estimate of 95 cents per share.

In the prior-year period, the per-share result was a profit of 92 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $186.6 million, a decline of 7.5% from $201.8 million in the first quarter ended June 1, 2013.

The normalized profit margin dropped to 7.0% from 7.7% in the year-earlier period.

Total revenue rose year over year to $2.66 billion from $2.61 billion, and total operating expenses rose from the prior-year period to $2.36 billion from $2.29 billion.

Reported net income came to $187.9 million, or 93 cents per share, compared to $203.1 million, or 93 cents per share, in the first quarter ended June 1, 2013.