US: Nordstrom raises FY outlook, Q2 profit down
- Q2 profit down 11%
- Net sales up 7.4%
- FY EPS guidance raised to $3.40-3.50
Upscale department store operator Nordstrom has raised its full-year profit guidance, despite posting a fall in second-quarter net income.
Earnings for the quarter ended 28 July dropped 11% to US$156m. Earnings before interest and income taxes slipped 9.4% to $290m.
The decline was due to its annual sale starting a week later in July, the company said, which pushed the event into the third-quarter. Its impact was combined with planned investments in e-commerce and technology.
Net sales increased 7.4% to $2.91bn. Same-store sales climbed 4.9% with women's shoes, handbags and cosmetics performing well, while full-line same-store sales edged up 1.1%.
Looking forward, Nordstrom expects full-year earnings per diluted share to be between $3.40 and $3.50, compared to its previous guidance of $3.30 to $3.45.
The company also intends to open 24 stores in 2013 and plans to have over 230 Rack stores by the end of 2016.
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Retailers posted mixed December sales results as many were forced to discount heavily to drive sales in the weekend prior to Christmas, in the hope of making up for weaker sales earlier in the month....
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