Nordstrom 2Q profit nearly unchanged, results top Wall Street forecasts

MarketsAssociated Press

Nordstrom Inc. (JWN) on Thursday reported profit that declined by less than 1 percent in its fiscal second quarter, but beat analysts' expectations.

The Seattle-based company reported earnings of $183 million, or 95 cents per share, compared with $184 million, or 93 cents per share, in the same quarter a year ago. The average estimate of analysts surveyed by Zacks Investment Research was for profit of 94 cents per share.

Continue Reading Below

The company said revenue rose slightly more than 6 percent to $3.39 billion from $3.2 billion in the same quarter a year earlier, and beat Wall Street forecasts. Analysts expected $3.38 billion, according to Zacks.

Nordstrom shares dropped 2.8 percent to $66.75 in after-hours trading. The stock has increased $6.89, or 11 percent, to $68.69 since the beginning of the year, while the Standard & Poor's 500 index has risen roughly 6 percent.