Nordstrom shares fall more than 5% on weaker same-store sales growth
Shares of Nordstrom Inc. fell more than 5% late Thursday after the retailer posted first-quarter results above expectations but same-store sales rose less than expected. Nordstrom said it earned $87 million, or 51 cents a share, in the quarter, compared with $63 million, or 37 cents a share, in the same period in fiscal 2017. Sales rose to $3.47 billion, compared with $3.28 billion a year ago. Comparable-store sales rose 0.6%. Analysts polled by FactSet had expected earnings of 43 cents a share on sales of $3.46 billion, and a same-store sales increase of 1.1%. The company also tweaked the bottom range of its per-share earnings outlook for the year, saying it expects earnings between $3.35 a share and $3.55 a share, compared with a previous outlook between $3.30 a share and $3.55 a share. Nordstrom kept 2018 sales expectations between $15.2 billion to $15.4 billion. Shares ended the regular trading day up 0.5%.