Nordstrom's 2nd quarter profits down 21 percent

By Associated Press

Summary

Nordstrom Inc. says its second-quarter profit dropped 21 percent as its affluent consumers pull back on fashions in a tough economy. The upscale department store chain also cut its full-year profit forecast.

More Business News

Story Published: Aug 14, 2008 at 3:23 PM PST

Story Updated: Nov 20, 2008 at 11:39 PM PST

Nordstrom's 2nd quarter profits down 21 percent
NEW YORK (AP) - Nordstrom Inc. says its second-quarter profit dropped 21 percent as its affluent consumers pull back on fashions in a tough economy. The upscale department store chain also cut its full-year profit forecast.

The Seattle-based chain said Friday that earnings for the three-month period ended Aug. 2 fell to $143 million, or 65 cents per share, compared with $180 million, or 71 cents per share, in the year-ago period. Total sales fell 4.3 percent to $2.29 billion in the quarter.

Analysts surveyed by Thomson Reuters had expected profits of 64 cents per share on revenue of $2.31 billion.