Nordstrom’s Same-Store Sales Growth Sends Shares Tumbling

Nordstrom Sales

Nordstrom Inc. reported smaller-than-expected comparable sales growth and shares were trading down 15% in after-market trading.

Same-store sales rose 0.9% in the third quarter ended October 31. Analysts polled by Consensus Metrix had expected growth of 3.60%.

Revenue rose 6.5% to $3.24 billion.

Officials at Nordstrom said income fell to $81 million, or 42 cents per share, from $142 million, or 73 cents per share, a year earlier.

Nordstrom attributed the miss to “softer sales trends that were generally consistent across channels and merchandise categories.”

“The company is executing its customer strategy through multiple growth initiatives to enhance the customer experience and reach more customers,” Nordstrom said in a statement.

Nordstrom cut its adjusted profit forecast for the year to $3.30- $3.40 per share from $3.85- $3.95.