Nordstrom Lowers 3rd-Quarter Outlook

From Reuters

Upscale clothing retailer Nordstrom Inc. reduced its third-quarter earnings outlook, hurt in part by record-keeping changes associated with a new inventory management system.

The Seattle-based company expects earnings in the range of 13 cents to 14 cents a share, compared with 8 cents in the third quarter of 2001.

The company had expected to earn 16 cents to 20 cents a share in the period.

Nordstrom was the stock that fell the most after the 4 p.m. close of the New York Stock Exchange, declining 20% to $17.75.