Nordstrom Reports Lower-Than-Expected Sales

Nordstrom Inc (NYSE:JWN) on Thursday reported a lower-than-expected increase in revenue in its second fiscal quarter as sales at its department stores slipped, and the luxury department store chain lowered its full-year sales and profit forecast.

The luxury retailer reported that comparable sales in the quarter ending Aug.3 rose 4.4 percent from the year-ago period, below the 6.8 percent increase analysts were expecting, according to Thomson Reuters I/B/E/S. Overall sales rose 6.4 percent to $3.1 billion.

For the full fiscal year, which began Feb. 3, Nordstrom revised its outlook and now expects same-store sales to rise 2 to 3 percent, compared with an earlier projected rise in the range of 3 to 5 percent.

It now expects full-year earnings per share of $3.60 to $3.70 per share, down from $3.65 to $3.80

Nordstrom said net income for the fiscal second quarter ended Aug. 3 rose to $184 million, or 93 cents a share, from $156 million, or 75 cents per share a year earlier.