News Summary: Nordstrom boosts year profit views

AP News
|
Posted: Aug 09, 2012 7:06 PM

THE RESULTS: Upscale retailer Nordstrom Inc. posted an 11 percent decline in second-quarter net income as results were dragged down by a shift in the timing of its biggest sales event of the year. Sales rose 7.4 percent.

THE BACKGROUND: Like many luxury retailers, Nordstrom has seen its wealthy customers go back to spending.

LOOKING AHEAD: Nordstrom said that it will accelerate the expansion of its Rack outlet stores. The company also now expects full-year earnings per share in the range of $3.40 to $3.50, up from a prior forecast of $3.30 to $3.45 per share. Analysts expect $3.45 per share.