Upscale department store chain Nordstrom says its first-quarter profit fell 32 percent, but the company's results beat Wall Street forecasts.
Shares of the retailer rose about 4 percent in extended trading Thursday. The stock finished the regular New York Stock Exchange session up more than 3 percent at $20.95.
The Seattle-based retailer says it earned $81 million, or 37 cents per share, in the quarter that ended May 2. That compares with a profit of $119 million, or 54 cents per share, a year earlier.
Excluding a one-time tax-related gain, Nordstrom earned $69 million, or 31 cents per share.
Analysts surveyed by Thomson Reuters estimated earnings of 26 cents per share on revenue of $1.69 billion. Those estimates typically exclude one-time items.
Sales at Nordstrom fell 9 percent to $1.71 billion from $1.88 billion for the quarter.