Originally published Thursday, July 10, 2008 at 12:00 AM
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
Landmark Smith Tower mostly vacant
Toyota's Toyoda scolds execs for emulating U.S. car companies' mistakes
Money Makeover: Financial makeover: A "go-getter" goes after her spending habit
Do your homework before buying brokered CDs
Mutual-fund deposits shift into low gear

Tribal Fireworks Rivalry
The Fourth of July marks a long-standing fireworks rivalry between two clans of a Native-American family in Suquamish.
Entertainment | Top Video | World | Offbeat Video | Sci-Tech
nwjobs

Post a comment

Michelle Goodman blogs about work/life balance.
Tax tips for new independent professionals
Post a comment
nwhomes

Find a new home or condo that fits your lifestyle.
Search New Developments
Builder Directory
- Palin links resignation to 'higher calling'
- Yakima teacher reprimanded for sending 5-year-old student home with bag of feces in backpack
- Plasma and LCD beware; OLED screens ready to go mainstream
- 6 jurors swear a cop's wife swayed panel in Kent civil rights case
- Fire sends service providers scrambling
- Going to Gas Works Park? Good luck
- Fourth of July festivals and fireworks in Seattle, the suburbs and beyond
- Woman accuses Sounders FC player Nate Jaqua of sexual assault, seeks more than $10 million
- More than 1 million seek tix for Jackson memorial
- Rob Johnson's double in 11th powers Mariners past Red Sox, 7-6
- Palin resigning as Alaska governor
754 - Seattle Mariners at Boston Red Sox: 07/04 game thread
244 - Reports: NKorean missile arrives at launch site
100 - Woman accuses Sounders FC player Nate Jaqua of sexual assault, seeks more than $10 million
99 - Palin's Declaration of Independence
73 - Mariners score unlikely win over Red Sox in battle of bullpens
58 - Hatred for the NBA runs deep, but don't take it out on the players
56 - Former NFL MVP McNair killed
45 - Man pistol-whipped after argument at nightclub
41 - Plasma and LED beware; OLED screens ready to go mainstream
27
- Plasma and LCD beware; OLED screens ready to go mainstream
- Going to Gas Works Park? Good luck
- Liven up Fremont's attempt to break a world record for a 'zombie walk'
- Merchant Marine veterans fight for recognition
- Lynnwood's City Bank gets tighter scrutiny
- Yakima teacher reprimanded for sending 5-year-old student home with bag of feces in backpack
- Retail Report | Pet-supply shops grow while other retailers fade
- Palin links resignation to 'higher calling'
- Fire sends service providers scrambling
- Oregon woman obsessed with rabbits back in jail






