Nordstrom quarterly earnings up 36 percent, but outlook underwhelms

SEATTLE — Nordstrom Inc. said today that fourth-quarter earnings rose 36 percent, beating Wall Street expectations.

But the Seattle clothing retailer offered a tepid outlook for the current first quarter, and shares were down in after-hours trading.

Nordstrom reported earnings of $190.4 million, or 69 cents per share, for the three months ended Jan. 28. That compares with earnings of $140 million, or 50 cents per share, in the same period a year earlier.

Sales for the quarter were up more than 9 percent to $2.3 billion, from $2.1 billion in the year-ago period.

Analysts polled by Thomson Financial were expecting earnings of 68 cents per share on revenue of $2.26 billion.

The company said same-store sales increased 5.8 percent, thanks in part to a successful men's half-yearly clearance sale.

Overall, the retailer said its results in the all-important fourth quarter, which includes the holiday season, were helped by both sales momentum and operational improvements.

For the current first quarter, the company is projecting earnings per share in the range of 39 cents to 44 cents. Analysts had been projecting earnings of 43 cents to 48 cents.

For the fiscal year ending Feb. 3, 2007, Nordstrom said it expects earnings per share of between $2.15 and $2.23, including an estimated charge of 6 cents for adopting financial rules for expensing stock options.

For the full fiscal year ended Jan. 28, Nordstrom said it earned $551.3 million, or $1.98 per share, up from $393.5 million, or $1.38 per share, in the preceding fiscal year.

Nordstrom shares fell 15 cents to $40.12 in regular trading today on the New York Stock Exchange. Results were released after the markets closed. In after-hours trading, shares were down an additional $1.12, or 2.8 percent.