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Nordstrom Was Not as Bad as it Looked

Nordstrom trading down 2 percent after the close, reported earnings of $0.65, short of $0.67 consensus but if you ex-out an acquisition of a flash sales company (Haute Look), earnings were $0.69.

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Same store sales were up a respectable 6.5 percent. The company lowered its full year guidance to $2.80-$2.95 from $2.95-$3.10.

Traders tell me that the Haute Look acquisition accounted for $0.20 lower, but since they only lowered by $0.15 if you ex-out Haute Look, they raised guidance by $0.05. Got that?

In addition, Nordstrom announced a $750 million buyback.

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