Upscale retailer Nordstrom Inc said today it will post $86.9 million in first quarter charges due to the impact of new accounting rules and a $70m buyout of a minority stake in its Internet and catalogue unit.

The Seattle-based company said it expects to post a non-cash charge of $21.9m to mark down the value of goodwill from its October 2000 acquisition of French apparel manufacturer Faconnable.

It added it had agreed to buy a minority stake in the website for $70m, with most of that sum posted as a one-off charge in the period ended April 30.