) -- If today's earnings report from
proves anything, it's this: luxury shoppers -- if there are any left -- are still steering clear of high-end items.
While Nordstrom's profit was in-line with Wall Street's guidance, the company's same-store sales saw a 9.8% decline. Still, Nordstrom upped its full-year guidance, citing a stronger second quarter than management expected.
During the quarter, the company earned $105 million, or 48 cents a share, compared with $143 million, or 65 cents, in the year-ago period.
The company claimed that its Anniversary Sale, coupled with leaner inventories and expense management, helped it reach its guidance.
Revenue dropped 6% to $2.23 billion from $2.36 billion last year.
Looking ahead, the company now expects full-year earnings in the range of $1.50 to $1.65 a share, up from $1.25 to $1.50 a share.
Shares of the company were in the red in after-market trading, after closing up 1% to $29.76.
While Nordstrom still struggles, the department store sector seems to be having a little more luck on the lower end.
today reported a
, but its same-store sales fell less drastically, by 2.3%. The department store also raised its full-year forecast.
-- Reported by Jeanine Poggi in New York.
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