High-end department store Nordstrom (JWN) 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) posted better-than-expected earnings on higher sales, while Macy's (M) deepened its loss on Monday as sales reached a four-year low.
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