Nordstrom reports Q1 drops in profit, same-store sales

Seattle Nordstrom reported on Thursday its net earnings for the first quarter, which dropped from to $81 million, compared with $119 million in the year-ago period.

Sales dropped 9.2% to $1.71 billion. First-quarter same-store sales declined 13.2%.

The company’s off-price Rack concept outperformed the other divisions, recording same-store sales increases of 1.2%. Sales for Nordstrom Direct were flat, said the company.

Nordstrom opened six full-line stores and 10 Nordstrom Rack stores since first quarter 2008. So far in 2009, the company has relocated and opened one full-line store, and opened two new stores. It has opened five Racks so far in 2009.