Nordstrom Shares Slide After Hours on Earnings Miss
Nordstrom (JWN) - Get Report shares tumbled in after-hours trading on Thursday after the department store retailer posted quarterly results which missed estimates and said its profits for the full year would be lower than what had been expected. For the first quarter, the company's profits fell to $0.26 a share, twenty cents short of forecasts. Revenue climbed slightly to $3.25 billion from the year ago period, but came in short of estimates, according to Thomson Reuters. Nordstrom Co-President Blake Nordstrom said, 'Our first quarter results were impacted by lower than expected sales. In response we have made further adjustments to our inventory and expense plans. As the pace of change in retail continues to accelerate, we remain committed to serving customers by taking steps that will continue to meet their expectations while driving profitable growth.' Looking ahead, Nordstrom cut its profit forecasts for the year to $2.50 to $2.70 a share from $3.10 to $3.35 a share. Analysts were expecting profits of $3.20 a share. On the sales front, Nordstrom now expects comparable store sales and online sales to range from a one percent decline to a one percent increase, that's down from its earlier view of flat to up two percent. TheStreet's Ruben Ramirez reports from Wall Street.
