Nordstrom Sees Lower-Than-Expected Profit

Nordstrom Inc. said it will report lower-than-expected earnings for its fiscal fourth quarter because of slow sales during the holiday period. The Seattle-based department store chain said sales at stores open at least a year declined moderately during the holiday from a year ago. It attributed the drop to a shopping season that had five fewer days than last year. Shares in Nordstrom fell 50 cents to close at $37.50 on Nasdaq. Nordstrom is the first large company to report that its holiday sales were lower than last year, when holiday sales rose only 2%. Nordstrom is expected to earn 79 cents a share for the quarter ended Jan. 31, according to analysts. The firm’s fiscal third-quarter earnings rose 17% to $34 million, after falling or remaining unchanged for six quarters.