Nordstrom Q3 Earnings, Revenue Beats Street, Lowers 2014 Outlook

Nordstrom posted a third quarter profit of $0.73 a share on revenue of $3.14 billion. Wall Street analysts were looking for earnings of $0.71 on sales of $3.1 billion. Last year, the department store earned $0.69 per share on $2.88 billion in sales. As for details, Nordstrom saw net sales growth of 8.9% compared with the same period last year. Comparable sales increased 3.9%. Direct net sales increased 22%. SG&A as a percentage of net sales was 30.2%, up 7 basis points compared to last year. The company also lowered its annual earnings outlook. TheStreet's Gregg Greenberg has details from New York.