Shares of Nordstrom Inc. tanked late Thursday after the retailer reported lower-than-expected first-quarter sales and earnings. The company said it earned $46 million, or 26 cents a share, in the first quarter, compared with $128 million, or 66 cents a share, in the first quarter of 2015. Sales reached $3.2 billion in the quarter, flat in comparison with the year-ago period. Analysts polled by FactSet had expected earnings of 47 cents a share on sales of $3.3 billion. "Our first quarter results were impacted by lower than expected sales. In response we have made further adjustments to our inventory and expense plans," Co-President Blake Nordstrom said in statement. Comparable-store sales fell 1.7%, and Nordstrom also cut its expectations for 2016 comparable sales and earnings. The retailer sees comparable sales in a range from 1% down to 1% up in the year, whereas it had predicted sales to remain flat or rise 2% in a previous outlook. The company also set its 2016 EPS expectations lower to $2.50 to $2.70 a share, from $3.10 to $3.35 a share prior. Shares of Nordstrom had ended the regular trading day down 0.4%.
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