Home Wealth  Money Nordstrom Misses Sales Forecasts, Stock Goes On Sale

Nordstrom Misses Sales Forecasts, Stock Goes On Sale

Posted: Nov. 12th, 2011  |  By Forbes

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Nordstrom reported a gain in third quarter earnings late yesterday.

Profits at the upscale department store chain rose to $127 million, or $0.59 per share, from $119 million, or $0.53 per share, in last year's third quarter.

Revenue rose 14.2%, to $2.38 billion, on a 7.9% increase in same-store sales.

Earnings per share met analyst forecasts, although revenue fell short.

Nordstrom (nyse: JWN - news - people ) says it is now looking for same-store sales growth of 6% for the full year, compared to a prior forecast of 4% to 6% growth.

The company also honed its earnings per share forecast, to $3.05 to $3.10 per share, up $0.10 per share on the low end.

High-end department store rival Saks (nyse: SKS - news - people ) is due to report earnings next week, while Macy's (nyse: M - news - people ) reported earnings this week that beat analyst estimates.

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