Nordstrom Q1 Results Miss Estimates; Backs FY15 Views

(RTTNews) - Fashion specialty retailer Nordstrom Inc. (JWN) reported net income for the first quarter of $128 million or $0.66 per share, compared to $140 million or $0.72 per share for the year-ago quarter.

Net sales for the first quarter rose 9.8% to $3.12 billion from $2.84 billion in the same quarter last year. Same-store sales for the quarter increased 4.4%.

Analysts polled by Thomson Reuters expected the company to earn $0.71 per share on revenue of $3.16 billion for the first quarter.

Looking forward, the company continues to forecast net sales growth of 7% to 9% and earnings of $3.65 to $3.80 per share for the fiscal year 2015. Analysts currently expect the company to earn $3.79 per share on revenue growth of 7.70% for the fiscal year 2015.

The company said it expects earnings per share growth in the second quarter to be below the full year outlook range of a 2% decrease to a 2% increase, mainly due to the ongoing entry into Canada and the acquisition of Trunk Club in the third quarter 2014.