Nordstrom Posts 32% Profit Decline

High-end department store Nordstrom(JWN Quote) posted a 32% decline in first-quarter profit, but raised its full-year outlook in anticipation of higher gross profit and an increase in credit-card revenue.

During the quarter, income fell to $81 million, or 37 cents a share, from $119 million or 54 cents, last year. Excluding a one-time tax benefit, earnings were 31 cents.

Sales declined 9% to $1.71 billion from $1.88 billion, while total same-store sales sank 13.2%.

The company now expects earnings in the range of $1.25 to $1.50, up from its prior forecast of $1.10 to $1.40.

Rival Kohl's(KSS Quote) posted better-than-expected earnings on higher sales, while Macy's(M Quote) deepened its loss on Monday as sales reached a four-year low.