Nordstrom Disappoints; Shares Sink
NEW YORK (TheStreet) -- Nordstrom (JWN), which has been praised as the leader in the high-end segment, missed fourth-quarter guidance, sending shares falling in after-hours trading.
During the quarter, the company earned $172 million, or 77 cents a share, compared with $68 million, or 31 cents, in the year-ago period. Analysts expected a profit of 79 cents a share.
Sales increased 10% to $2.54 billion from $2.3 billion, while same-store sales jumped 6.9%.
Looking ahead, Nordstrom expects to earn between $2.35 and $2.55 for the year, with same-store sales increasing between 2% and 4%. Wall Street is looking for earnings of $2.41 a share.
Shares of Nordstrom are declining 3.8% to $34.70 in after-market trading. -- Reported by Jeanine Poggi in New York. Follow TheStreet.com on Twitter and become a fan on Facebook.Select the service that is right for you!
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