Retail pain hit another company Thursday, as Nordstrom reported disappointing quarterly earnings and warned about slowing sales.
The retailer posted fiscal first-quarter earnings of 26 cents per diluted share on $3.25 billion in revenue. Profit fell from 66 cents per share in the prior-year period, while sales rose slightly from $3.22 billion.
Wall Street expected Nordstrom to report earnings of 45 cents per share on $3.28 billion in sales, according to a Thomson Reuters consensus estimate. The shares plunged 17 percent in after-hours trading.
"Our first-quarter results were impacted by lower-than-expected sales. In response we have made further adjustments to our inventory and expense plans," said Blake Nordstrom, co-president of Nordstrom, in a statement.