Nordstrom’s Profit Rises for 10th Straight Quarter

Nordstrom Inc. said third-quarter profit surged 38% on sales of accessories and young women’s apparel. The company raised its annual forecast.

Net income increased to $107.5 million, or 39 cents a share, from $77.8 million, or 27 cents, a year earlier, topping analysts’ estimates. Profit rose for the 10th consecutive quarter.

Nordstrom was expected to earn 35 cents a share, the average estimate by analysts surveyed by Thomson Financial.

Sales in the period ended Oct. 29 increased 8% to $1.67 billion, Seattle-based Nordstrom said. Sales at stores open for at least a year rose 5.9%. Nordstrom had gains of at least 10% in accessories such as $425 Juicy Couture handbags and junior apparel.

Shares of Nordstrom, which reported earnings after the close of regular U.S. trading, rose 82 cents to $39.29. The shares gained 64 cents to $38.47 in regular trading.

The company raised its forecast for the year to as much as $1.95 a share, from $1.90. For the fourth quarter, the company forecast same-store sales growth of 1% to 3% and earnings of 60 cents to 65 cents a share.

President Blake Nordstrom, who has increased the retailer’s credit line to $500 million, will probably buy stores sold by Federated Department Stores Inc.