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Nordstrom shares slump after missing 1Q comparable sales forecast

Nordstrom has 290 stores across 38 states and increasingly sells much of its wares via Nordstrom.com

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Nordstrom's shares are trading lower in pre-market trade

Shares in Nordstrom Inc (NYSE:JWN) slumped in pre-market trade after the upmarket retailer missed Wall Street’s estimates for its first-quarter comparable sales figures.

Investors sent its shares down 6.8% to US$47.45 after Nordstrom’s comparable sales in the first quarter – a key metric of a retailer's profitability - amounted to 0.6%, falling short of Wall Street’s estimate of 1%.

On a broader basis, Nordstrom fared far better, reporting first-quarter earnings of $0.51 per share on revenue of US$3.5bln, which zipped past the consensus estimate of US$0.42 per share on revenue of US$3.4bln.

The company also revised its outlook slightly and now expects fiscal 2018 earnings of US$3.35 to US$3.55 per share and revenue of US$15.2bn to US$15.4bn.

Nordstrom has 290 US stores across 38 states and increasingly sells much of its wares via Nordstrom.com and HauteLook.

Quick facts: Nordstrom, Inc.

Price: 40.46 USD

NYSE:JWN
Market: NYSE
Market Cap: $6.28 billion
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