Nordstrom June same-store sales off 18.6 pct

Thu Jul 10, 2008 11:32am EDT
 
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ATLANTA (Reuters) - Upscale department store chain Nordstrom Inc said on Thursday that June sales at stores open at least a year fell 18.6 percent as the timing of a sales event shifted more sales into May.

The retailer, which has noted softness in women's apparel and in California in recent months, also said earnings for the second quarter would be at the low end or slightly below its previously announced forecast of 65 cents to 70 cents a share.

The Seattle-based retailer said preliminary data indicated

total sales for the five weeks ended July 5 fell 14.1 percent to $731 million.

Analysts, on average, were expecting the company's same-store sales to fall 18.6 percent for June, according to Reuters Estimates.

Nordstrom moved its half-yearly sale for women and children into May this year, hurting June results. The retailer said it had higher markdowns during its half-yearly sales events for women and men. It added lower gross profit margins would result in second quarter profit at the low end or slightly below its previous forecast.

(Reporting by Karen Jacobs; Editing by Derek Caney)

 

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