Stylish shoppers slowed their spending at
Nordstrom reported net earnings of $137 million, down 6.2% from the same period last year. Earnings per share were 69 cents slightly above the Street estimate of 67 cents. At $2.8 billion revenue, however, was below the $2.9 billion consensus estimate.
The luxury department store notes that the timing of its Anniversary Sale -- its largest annual sale event -- is partially responsible for the decline. The company estimates that earnings per share were slashed by 6 cents since the sale occurred in the second quarter. Year-to-date earnings per share are up 8.3% to $2.35.
Same store sales for the total company were up just .1%, again the company argues the Anniversary Sale caused the slow growth. Year-to-date same store sales are up 2.5%. Nordstrom Rack had a 3.7% same store sales increase. The company added 20 stores to its discount line up this year. Net sales were up 16% to $95 million.
Women drove sales with top performing merchandise categories women's apparel, women's shoes and cosmetics. Women's apparel growth is outperforming company average on a year-to-date-basis.
Nordstrom raised its full year per share outlook to between $2.65 to $3.70, up from prior forecasts of $3.60 to $3.70. It however narrowed its same-store sales growth expectation to 2.5% from a previous range of 2% to 3%.
Shares were down 1.5% to $62.49 in after hours trading.
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