Nordstrom Posts 32% Profit Decline

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.

Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

More from Earnings

Tiffany & Co. Sees a Strong Market in Asia

Tiffany & Co. Sees a Strong Market in Asia

Ackman Targets Lowe's After Q1 Miss

Ackman Targets Lowe's After Q1 Miss

Walmart Snags Top Spot on Fortune 500 List for Sixth-Straight Year

Walmart Snags Top Spot on Fortune 500 List for Sixth-Straight Year

Listen: Should You Buy Cisco Now?

Listen: Should You Buy Cisco Now?

Week Ahead: Investors Keep Economy in Check as Trade, North Korea Talks in Limbo

Week Ahead: Investors Keep Economy in Check as Trade, North Korea Talks in Limbo