BUSINESS BRIEFING / EARNINGS
Times Wire Reports
Department store chain Nordstrom Inc. said it was raising its outlook for the full year after it beat Wall Street forecasts for the fiscal first quarter.
The Seattle retailer said it earned $81 million, or 37 cents a share, down from $119 million, or 54 cents, a year earlier. Sales fell 9% to $1.71 billion.
Excluding a one-time gain from a federal tax audit, Nordstrom earned $69 million, or 31 cents a share. Analysts surveyed by Thomson Reuters expected 26 cents a share on sales of $1.69 billion.