Nordstrom Beats Forecasts, Raises Full-Year Profit Outlook

Nordstrom reported higher quarterly profit on Thursday as sales of designer goods helped boost gross margin.

Upscale retailer Nordstrom reported a better than expected 19% rise in quarterly profit Thursday as sales of designer goods helped boost gross margin.

Nordstrom raised its forecast for full-year profit.

Earnings were $156.8 million, or 60 cents a share, for the quarter ended May 5, compared with $131.2 million, or 48 cents a share, a year earlier.

Analysts expected 57 cents a share, according to Reuters Estimates.

Sales rose 9.3% to $1.95 billion, while sales at stores open at least a year rose 9.5% in the quarter.

The best performing categories included designer apparel, accessories and women's apparel.

Nordstrom now expects profit of $2.81 to $2.90 a share for the full year, up from a prior forecast of $2.78 to $2.84 a share.