Deeper promotions lower Nordstrom holiday quarter profit
Feb 20 (Reuters) - Nordstrom Inc on Thursday reported a lower profit for the holiday quarter, hit by higher markdowns, and the high-end retailer gave a full year profit forecast that missed analyst expectations.
The upscale department store operator reported that comparable sales rose 2.6 percent and overall revenue rose 0.4 percent to $3.7 billion.
Nordstrom, which also operates the Rack chain of low-priced stores, said net income for the fiscal fourth quarter ended Feb. 1 fell to $268 million, or $1.37 a share, from $284 million, or $1.40 per share a year earlier.
For the new fiscal year, Nordstrom forecast a profit of $3.65 to $3.80 per share, below the $4.05 analysts were expecting, according to Thomson Reuters I/B/E/S. The retailer expects same-store sales to rise 2 to 4 percent.