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SEATTLE, United States — Nordstrom Inc., the largest U.S. luxury department-store chain, missed same-store sales estimates in the most recent quarter as the retail industry struggles to lure customers with promotions.
Sales at stores open at least a year rose 2.7 percent in the second quarter ended Aug. 2, missing the 3.1 percent that analysts had estimated. Its full-line department stores saw sales drop 1.2 percent, compared with projections for growth of 1.2 percent.
Shares of the Seattle-based retailer fell as much as 3.7 percent in late trading after the results were released. They had risen less than 1 percent to $68.69 at the New York close.
The company posted quarterly profit that narrowly beat analysts’ estimates and lifted the low end of its annual earnings forecast.
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Net income amounted to 95 cents a share, the company said today in a statement. Analysts had estimated 94 cents on average, according to data compiled by Bloomberg. Nordstrom now expects earnings for the year of at least $3.80 a share, up from an earlier forecast of at least $3.75. Quarterly sales rose 6.1 percent to $3.39 billion.
By Nick Turner; Editors: Stephen West, John Lear
