Sears Holdings Corp. said its normalized net income for the fiscal first quarter ended May 3 amounted to a loss of $2.32 per share, compared with the S&P Capital IQ consensus estimate of a loss of $1.87 per share.
The per-share loss widened 44.5% year over year from $1.60.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $246.3 million, compared with a loss of $170.1 million in the year-earlier period.
The normalized profit margin fell to negative 3.2% from negative 2.0% in the year-earlier period.
Total revenue decreased 6.8% on an annual basis to $7.88 billion from $8.45 billion, and total operating expenses fell on an annual basis to $8.27 billion from $8.69 billion.
Reported net income totaled a loss of $402.5 million, or a loss of $3.79 per share, compared to a loss of $278.8 million, or a loss of $2.63 per share, in the prior-year period.