Shares of Nordstrom Inc. fell more than 4% late Thursday after the retailer reported better-than-expected quarterly earnings and quarterly revenue in line with expectations but it didn't escape the pall over department stores in general. Nordstrom said it earned $63 million, or 37 cents a share, in the first quarter, compared with $46 million, or 26 cents a share, in the year-ago period. Net sales reached $3.3 billion, compared with net sales of $3.2 billion a year ago. Comparable-store sales for the first quarter decreased 0.8%, the retailer said. Analysts polled by FactSet had expected earnings of 26 cents a share on sales of $3.3 billion. Nordstrom said it expects a 3% to 4% increase in net sales and flat comparable-store sales for the year. Nordstrom's results came as department stores' shares notched significant losses, including a 17% decline for Macy's Inc. after the company's first-quarter results disappointed. Department stores have been under a cloud in recent months as they face online competition and struggle to improve foot traffic in their bricks-and-mortar stores.
Copyright © 2017 MarketWatch, Inc.