Nordstrom Says Profit Won’t Meet Forecasts

Nordstrom Inc. said that its third-quarter results would fall short of expectations because of lower-than-expected sales, higher-than-planned price markdowns and operating expenses, and charges of up to $43 million. The upscale apparel retailer said operating earnings for the quarter, ending Oct. 31, are expected to range from 17 cents to 20 cents a share, below analysts’ consensus estimate of 24 cents as compiled by First Call/Thomson Financial. Nordstrom earned 29 cents in last year’s third quarter. Seattle-based Nordstrom said it would log charges for losses on an investment in online grocer Streamline.com and on information technology investments as well as severance costs for restructuring its senior management. Nordstrom shares fell $1.06 to close at $14.63 on the New York Stock Exchange.