Nordstrom Gets Marked Down
Upscale department store owner
Nordstrom
(JWN)
said its earnings for the current fiscal first quarter might come in a bit shy of Wall Street's estimates, sending its shares lower in extended trading Thursday.
The company expects low single-digit same-store sales growth and earnings of 39 cents to 44 cents a share for the first quarter, compared with the average analyst estimate of 45 cents.
For the fiscal year ending in February 2007, Nordstrom projected earnings of $2.15 to $2.23, including an estimated cost of 6 cents a share from expensing stock options. According to Thomson First Call, analysts are looking for a profit of $2.24.
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Shares of Nordstrom were losing $1.82, or 4.5%, to $38.30 in trading after the close. The stock slipped 15 cents in the regular session. (Read what
Street Insight
contributor Jeff Bagley had to say
when he previewed Nordstrom's report.)
The company provided the outlook along with its fourth-quarter report, saying it earned $190.4 million, or 69 cents a share, for the three months ended Jan. 28. Analysts expected 68 cents. For the same period last year, Nordstrom earned $140 million and 50 cents a share.
Total sales for the fourth quarter increased 9.3% to $2.3 billion from $2.1 billion in the same period last year. Fourth-quarter same-store sales rose 5.8%, exceeding Nordstrom's 1% to 3% guidance.
