US: Nordstrom lifts outlook as Q2 earnings fall 26%
- Q2 net earnings down to US$105m
- 6.2% sales decrease
- Same-store sales down 9.8%
A 27% drop in second quarter earnings has been described as "better than expected" by US department store retailer Nordstrom, prompting the luxury firm to lift its outlook for the year.
Quarterly net earnings fell to US$105m, from $143m in the prior year period, helped by disciplined management of inventory and expenses.
Net sales in the period were $2.14bn, a decrease of 6.2% compared with last year's $2.29bn. Same-store sales were down 9.8%.
The company revised its outlook for the 2009 fiscal year to reflect its "better than expected second quarter performance".
For the fiscal year, Nordstrom now expects earnings per diluted share in the range of $1.50 to $1.65, up from earlier forecasts of $1.25 to $1.50.
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