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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