Advertising

The Seattle Times Company

NWjobs | NWautos | NWhomes | NWsource | Free Classifieds | seattletimes.com

The Seattle Times

Business / Technology


Our network sites seattletimes.com | Advanced

Originally published Thursday, July 10, 2008 at 12:00 AM

E-mail article     Print view

Nordstrom stock falls 8.7% on lousy June sales figures

Nordstrom said it experienced higher levels of markdowns than in past years as it cleared spring merchandise during half-yearly sales in May and June.

Shares of Nordstrom dropped 8.7 percent today after the Seattle retailer said it may not make its quarterly profit projections.

Nordstrom said it experienced higher levels of markdowns than in past years as it cleared spring merchandise during half-yearly sales in May and June.

"Due to lower gross profit margins, the company now expects that earnings for the current quarter will be at the low end or slightly below its previously announced earnings per share outlook of 65 to 70 cents," the company said in a statement.

Investors hit the stock hard, pushing it down $2.72 to $28.52 at the close. Its 52-week low is $28 a share.

The company went on to say that it believes its quarter-to-date results, which combine the results of May and June, provide the most accurate view of recent sales trends. Preliminary quarter-to-date sales of $1.45 billion decreased 2.8 percent compared to sales of $1.49 billion during the same period in 2007. Quarter-to-date same-store sales, which are a key indicator of performance, decreased 5.9 percent.

Preliminary year-to-date sales of $3.33 billion decreased 3.4 percent compared to sales of $3.44 billion for the same period in 2007. Year-to-date same-store sales, decreased 6.2 percent.

The company's popular annual anniversary sale starts July 18. As a result, July has historically been the second-largest sales month of the year and will be an important part of the quarter, the company said.

The company will release July sales results Aug. 7 and second-quarter earnings results on Aug. 14.

Business news: 206-464-8552

Copyright © 2008 The Seattle Times Company

More Business & Technology headlines...

E-mail article Print view      Share:    Digg     Newsvine

advertising

NEW - 07:21 AM
Alder gets $85M advance in big Bristol-Myers deal

Bill Clinton meets with Senate Dems on health care

UPDATE - 07:40 AM
Housing plan reaches 1 in 5 borrowers

Credit-card holders to pay the price for banks' struggles

Kraft's offer for sweets giant Cadbury turns bitter after rejection

Advertising

Video

Ken Auletta talks about "Googled"
Ken Auletta talks about Google with Brier Dudley at the Seattle Central Library.

Medal of Honor
Pelosi answers questions at Swedish Medical Center
Pelosi speaks at Swedish Medical Center
"Pistol" Pete Ryan
Mourners gather at KeyArena for slain officer's memorial
Procession for slain SPD officer
Election Night: Approve R-71
Election Night: Reject R-71
Election Night: Joe Mallahan

Marketplace

nwautos

2009's most fuel-efficient sedansnew
Choosing a new sedan? Weigh the impact of your choice on your wallet and on the planet.
Post a comment

Open Houses

Find this weekend's open house listings.
Or search by location:

 
Most read
Most commented
Most e-mailed
 
 
Advertising