Nordstrom Falls as Profit Misses Mark
NEW YORK (TheStreet) -- Nordstrom (JWN) is slipping after it reported earnings that fell short of first-quarter estimates.
Despite a disappointing quarter, the high-end department store upped its full-year outlook. Nordstrom now expects full-year earnings in the range of $2.50 to $2.65 a share, up from prior guidance between $2.35 and $2.55 a share.
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Regardless, shares of Nordstrom are slipping 1% to $40.86 in after-hours trading.
During the first quarter, Nordstrom earned $116 million, or 53 cents a share, a 43% surge from $81 million, or 38 cents, in the year-ago period. Analysts were calling for a profit of 55 cents a share.
Nordstrom sales grew nearly 17% to $1.99 billion from $1.71 billion, while same-store sales jumped 12%. -- Reported by Jeanine Poggi in New York Follow Jeanine Poggi on Twitter and become a fan of TheStreet on Facebook.Select the service that is right for you!
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