Nordstrom Shares Down 10% On Weak Outlook

(RTTNews) - Shares of Nordstrom Inc. (JWN) slipped 10 percent in extended hours on Thursday after the department store chain's full-year revenue outlook fell short of Street estimates.

Seattle-based Nordstrom's third-quarter profit dropped to $67 million or $0.39 per share from $114 million or $0.67 per share last year.

Excluding an after-tax impact of $49 million for the estimated credit-related charge, earnings were relatively flat.

Analysts polled by Thomson Reuters expected earnings of $0.66 per share. Analysts' estimates typically exclude special items.

Revenues for the quarter grew 3% to $3.65 billion from $3.54 billion last year. Analysts had a consensus revenue estimate of $3.69 billion. Comparable sales for the quarter increased 2.3 percent.

Looking forward to the full year, Nordstrom now expects earnings of $3.55 to $3.65 per share, up from prior forecast of $3.50 to $3.65 per share. Revenues are now expected to be $15.5 billion to $15.6 billion, up from previous outlook of $15.4 billion to $15.5 billion. Analysts currently estimate earnings of $3.60 per share and revenues of $15.91 billion.

JWN closed Thursday's trading at $58.99, down $2.11 or 3.45%, on the NYSE. The stock further slipped $5.88 or 9.97% in the after hours trade.