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.

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Written by Peter Mondrose

Peter Mondrose

Peter Mondrose is the Editor-In-Chief at BusinessPundit. He received his degree in Economics in 1998 and a second degree in Journalism in 2004. He has served as a financial adviser, market trader, and freelance journalist for the last 11 years. When he's not investigating market conditions and reporting on workplace news, he can be found traveling with his wife, dog, and laptop. He can be reached at PeterMondrose@BusinessPundit.com or (929) 265-0240.