Nordstrom lowers outlook despite higher 2Q profit

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Associated Press

Posted on August 15, 2013 at 3:01 PM

Updated Thursday, Aug 15 at 3:02 PM

NEW YORK (AP) — Nordstrom says its second-quarter profit rose but the department store operator cut its forecast for the year, citing softer-than-expected sales trends.

Its stock fell 3.3 percent to $57.40 in after-hours trading Thursday.

The Seattle-based company is considered a barometer of luxury spending and growth in the sector is seen as a good sign for the economic recovery.

For the quarter through Aug. 3, the company says it earned $184 million, or 93 cents per share, topping the 88 cents per share analysts expected. In the same period a year ago, Nordstrom earned $156 million, or 75 cents per share.

Revenue rose 6 percent to $3.2 billion, but was short of the $3.29 billion Wall Street expected, according to FactSet.

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