Nordstrom (JWN) shares tumbled in after-hours trading on Thursday after the department store retailer posted quarterly results which missed estimates and said its profits for the full year would be lower than what had been expected. For the first quarter, the company's profits fell to $0.26 a share, twenty cents short of forecasts. Revenue climbed slightly to $3.25 billion from the year ago period, but came in short of estimates, according to Thomson Reuters. Nordstrom Co-President Blake Nordstrom said, 'Our first quarter results were impacted by lower than expected sales. In response we have made further adjustments to our inventory and expense plans. As the pace of change in retail continues to accelerate, we remain committed to serving customers by taking steps that will continue to meet their expectations while driving profitable growth.' Looking ahead, Nordstrom cut its profit forecasts for the year to $2.50 to $2.70 a share from $3.10 to $3.35 a share. Analysts were expecting profits of $3.20 a share. On the sales front, Nordstrom now expects comparable store sales and online sales to range from a one percent decline to a one percent increase, that's down from its earlier view of flat to up two percent. TheStreet's Ruben Ramirez reports from Wall Street.
More from Video
How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.