Nordstrom 1Q Profit Sinks 24%

Seattle Nordstrom Inc. said Thursday its profit fell 24% in the first quarter. Meanwhile, earnings fell to $119 million from $157 million in the same three months last year.

Revenue slipped 4% to $1.88 billion from $1.95 billion a year ago. Same-store sales fell 6.5% for the quarter, below the expected 3% to 5% drop.

Nordstrom said margins were lower than a year ago, hurt by merchandise markdowns.

The retailer said it expects same-store sales to fall 5% to 7% in the quarter, and 4% to 6% in the year, a steeper drop than previously expected.

Nordstrom opened four stores in the first three months of the year.