Nordstrom's 1Q profits up 2.7 percent
Thursday, May 10, 2012
NEW YORK (AP) -- Nordstrom Inc. is reporting that its first-quarter profit rose 2.7 percent, even though its sales soared almost 14 percent, as the department store invested in free shipping and other initiatives to attract more shoppers.
The upscale department store chain said late Thursday that its net income was $149 million, or 70 cents per share, for the three months that ended April 28. That compares with $145 million, or 65 cents per share, a year earlier.
Its net sales rose to $2.54 billion.
The results fell short of analysts surveyed by FactSet for earnings of 75 cents per share and sales of $2.55 billion.
Nordstrom's shares fell more than 5 percent after hours following the report. They ended regular trading down 39 cents at $53.53.
Nordstrom is based in Seattle.