-
Nordstrom's Q1 profits hurt by promotions, shipping; misses Street
Seattle -- Nordstrom Inc. reported Thursday that profit for the first quarter edged up just 2.7% to $149 million, compared with $145 million in the same period last year. Results, which were negatively impacted by free shipping offers and promotional initiatives, met internal expectations but missed Wall Street estimates.
Sales soared 13.7% to $2.53 billion, but still missed analysts’ forecast of $2.55 billion. Same-store sales rose 8.5%.