Nordstrom reports decline in 2015 Q1 profit
U.S. retailer Nordstrom Inc. has reported a fall in profit for the 2015 first quarter. The company’s plunge in profits was apparently an upshot of its acquisition and store-expansion moves as well as technology costs.
On Thursday, the company shared its projections for the year. The company affirmed that sales increased nearly 9.7% from the year-earlier period. Established stores are considered to be an important performance aspect for retailers. In the case of Nordstrom, the sales at these stores rose 4.4%.
For the period ended on May 2, Nordstrom has reported a profit of $128 million or 66 cents a share, decline from $140 million, or 72 cents a share, a year earlier. On revenue front, it increased $3.22 billion from $2.93 billion a year earlier.
Nordstrom has more than 300 stores in the US and associated websites under its namesake brands and also, discount chain Nordstrom Rack, Jeffrey boutiques and clearance store “Last Chance,” Trunk Club and online retailer HauteLook