NEW YORK – Nordstrom’s shares are tumbling in extended trading after the upscale department store slashed is annual sales and profit outlook.
The reduced guidance came as the Seattle-based chain reported that its first-quarter earnings dropped 64 percent as a key revenue measure declined.
Nordstrom joins a parade of major retailers including Macy’s and Kohl’s that have reported weak results, citing a drop-off in spending since mid-March.
Nordstrom Inc. said Thursday it earned $46 million, or 26 cents per share, for the quarter ended April 30. That compares with $128 million, or 66 cents per share, last year.
Net sales rose 2.5 percent to $3.19 billion, but a key revenue measure was down 1.7 percent.
Analysts had forecast earnings per share of 47 cents on revenue of $3.29 billion, according to FactSet.
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