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UPDATE 1-Nordstrom profit up, top end of forecast range intact
November 8, 2012 / 9:31 PM / 5 years ago

UPDATE 1-Nordstrom profit up, top end of forecast range intact

Nov 8 (Reuters) - Nordstrom Inc on Thursday reaffirmed the top end of its full-year sales and profit forecasts despite strong sales gains in the third quarter, and the high-end retailer’s shares fell 2.9 percent in after-market trading.

Nordstrom raised only the bottom of its forecast ranges.

The company now expects full-year earnings of $3.45 to $3.50 per share, compared with a previous range of $3.40 to $3.50 a share. It now expects same-store sales to rise 6.5 percent to 7 percent, versus an earlier forecast of a 6 percent to 7 percent increase.

Nordstrom’s net income for the quarter ended on Oct 27 rose 15 percent to $146 million, or 71 cents per share, from $127 million, or 59 cents per share, a year earlier.

As previously reported, revenue rose 13.8 percent to $2.71 billion, while same-store sales were up 10.7 percent.

Shares were down $1.60 to $53.80 in after-hours trading, following a 3.3 percent drop in regular trading before the results were released.

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