Aug 12, 2011
Nordstrom raises profit, sales outlook
Aug 12, 2011
NEW YORK, Aug 11 (Reuters) - Upscale retailer Nordstrom Inc raised its full-year profit and same-store sales outlook, and reported a higher-than-expected quarterly profit that was helped by more full-price selling. Its shares rose nearly 4 percent in after-hours trading.
Nordstrom Rack NYC store.
Nordstrom said it now expects fiscal 2011 earnings per share of between $2.95 and $3.10, compared with an earlier range of $2.80 to $2.95. That compares with $3.05 expected on average by Wall Street analysts, according to Thomson Reuters I/B/E/S.
The department store chain said it now expects fiscal 2011 sales at stores open at least one year to rise 4 percent to 6 percent, up from an earlier range of 2 percent to 4 percent.
Nordstrom's net income for the quarter, ended on July 30, rose 19.9 percent to to $175 million, or 80 cents per share. That beat Wall Street expectations of 74 cents per share.
As previously reported, total retail sales were up 12.4 percent to $2.72 billion, while sales at stores open at least one year increased 7.3 percent.
Shares were up $1.52 to $43.85 in after-hours trading.
(Reporting by Phil Wahba; Editing by Steve Orlofsky)
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