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Nordstrom Q1 profit misses but sales beat; opening 32 stores in 2015
Seattle – Nordstrom Inc. missed Wall Street expectations with declining profit in the first quarter of fiscal 2015, although the department store retailer beat expectations for sales, aided by impressive e-commerce results.
Net earnings were $128 million, down 8% from $140 million the same quarter the prior year. The impact of the Trunk Club acquisition in August 2014 and ongoing entry into Canada reduced earnings.
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Online sales up, profit down at Nordstrom
Strong growth in its e-commerce divisions couldn't lift profits at Nordstrom Inc., which reported a drop in earnings for the first quarter.
For the period ended May 2, Nordstrom reported a profit of $128 million, or 66 cents a share, down from $140 million, or 72 cents a share, a year earlier. The retailer also reported that Nordstrom.com and Nordstromrack.com had a combined 70% increase in sales in the first quarter.
