Nordstrom Inc. (JWN) reported a first-quarter profit of $145 million, down from $149 million in the same quarter last year. However, per share earnings for the quarter rose 4.3 percent to $0.73 per share from $0.70 per share in the prior year quarter. The increase in per share earnings were due mainly to a lower share count for the quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.76 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales in the first quarter were $2.65 billion, up from net sales of $2.53 billion during the same period prior year. Eighteen analysts had a consensus revenue estimate of $2.80 billion for the quarter.
Total company same-store sales for the quarter increased 3.1 percent compared with the same period in fiscal 2012. The company stated that top-performing merchandise categories included Women's Apparel and Handbags.
For fiscal 2013, the company reaffirmed its earnings per share outlook, excluding the impact of any future share repurchases, and continues to expect profit in a range between $3.65 and $3.80.
Same-store sales growth for the fiscal were reduced to 3.0 to 5.0 percent from 3.5 to 5.5 percent detailed earlier. The company also trimmed its total sales growth percentile to 4.0 to 6.0 percent from its prior outlook of 4.5 - 6.5 percent.
Analysts currently expect the company to report earnings of $3.80 per share on revenues of $12.95 billion for fiscal 2013.
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