Sears Hometown & Outlet Stores Inc. said its normalized net income for the fiscal first quarter ended May 3 amounted to 17 cents per share, a decline of 74.8% from 66 cents per share in the year-earlier period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $3.8 million, a decrease of 75.2% from $15.3 million in the prior-year period.
The normalized profit margin dropped to 0.6% from 2.6% in the year-earlier period.
Total revenue fell on an annual basis to $589.9 million from $601.1 million, and total operating expenses rose on an annual basis to $583.5 million from $576.4 million.
Reported net income fell 75.8% year over year to $3.6 million, or 16 cents per share, from $15.0 million, or 65 cents per share.