US: Nordstrom downgrades forecast as Q1 profit dips 24%
Retailer Nordstrom has downgraded its full-year earnings forecast after first quarter profit fell 24.2% to US$119m.
The decline for the period ended 3 May nonetheless yielded earnings per share of $0.54, at the upper end of expectations.
However, sales fell 3.8% to $1.88bn, equating to a same store sales decline of 6.5%, below the company's planned 3-5% fall.
Nordstrom said the company's focus on expense management and inventory control had helped earnings, while designer products, women's activewear and women's intimate apparel had achieved above average sales.
Margins shrank as the retailer used markdowns to align inventory with sales trends.
The company is now forecasting full-year earnings per share of $2.65-2.80, down on the previous estimate of $2.75-2.90 and based on a same store sales decline of 4-6%.
For the second quarter, Nordstrom expects EPS of $0.65-0.70, based on a same store sales decline of 5-7%.
Third quarter profit at Nordstrom Inc has more than halved after sales slumped, with the fashion retailer now saying it now expects same-store sales to fall as much as 16% during the all-important hol...
The following is a general roundup of US apparel and shoe chains' October 2008 sales results. The list will be updated as new results become available....
The following is a general roundup of US apparel and shoe chains' September 2008 sales results. The list will be updated as new results become available....
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