USA: Nordstrom Q1 Profit Hit By Dot.Com Purchase Charge
Upscale fashion retailer Nordstrom Inc on Wednesday posted a 31 per cent plunge in first quarter net income from the year-ago period due to an accounting charge.
The Washington-based company said its net profit fell to $17.1 million, or 12 cents a share, from $24.8m, or 18 cents a share, in 2001. Excluding nonrecurring items and the affect of a new accounting standard related to goodwill amortisation, it made $30.4m, or 22 cents a share.
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