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