Nordstrom Full Year Profit Outlook Below Street View

Retail Reuters

Upscale department store operator Nordstrom Inc did not raise the upper end of its full year profit forecast even as it reported a jump in sales and profit in the third quarter, and its shares fell more than 3 percent.

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Nordstrom now expects fiscal 2011 earnings of $3.05 per share to $3.10 per share, from an earlier range of $2.95 per share and $3.10 per share.

That compares with $3.14 per share expected on average by Wall Street analysts, according to Thomson Reuters I/B/E/S.

The department store chain said it now expects fiscal 2011 sales at stores open at least one year to rise about 6 percent, up from an earlier range of 4 to 6 percent.

Nordstrom's net income for the quarter, ended on Oct. 29, rose to $127 million, or 59 cents per share, from $119 million, or 53 cents a year earlier. That was in line with Wall Street expectations.

As previously reported, same-store sales rose 7.9 percent compared with the same period in fiscal 2010.

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Shares were down $1.62 to $48 in after hours trading.

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