Nordstrom says earnings up 22%
Upscale department store chain Nordstrom Inc. reported higher fiscal fourth-quarter earnings Monday, helped by improved sales and cost controls, but its shares eased as the results trailed analysts’ average forecast by a penny.
Earnings came to $232.3 million, or 89 cents a share, for the quarter ended Feb. 3, up 22% from $190.4 million, or 69 cents, a year earlier. The most recent quarter included an extra week because a calendar shift. Analysts on average had expected 90 cents a share, according to Reuters Estimates.
Sales rose 15% to $2.6 billion. Sales at stores open at least a year rose 8.3%, and Seattle-based Nordstrom cited strong holiday sales and lower markdowns.
Nordstrom expects profit of 51 cents to 54 cents a share for its first quarter.
Results were released after markets closed. Nordstrom shares declined to $54.70 in electronic trading after closing at $56.60.
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