Filed under: Earnings reports, Penney (J.C.) (JCP), Nordstrom, Inc (JWN)

On Thursday, upscale retailer Nordstrom Inc. (NYSE: JWN) reported a 21% decline in second-quarter earnings, and on Friday, JCPenney Co. Inc. (NYSE: JCP) reported a 36% decline in second-quarter earnings, as consumers continued to pull back on spending in the tough economy.

The Seattle-based Nordstrom said that it earned $143 million, or 65 cents per share, in the quarter ended Aug. 2, compared to $180 million, or 71 cents per share, in the same period of the previous year. Total sales fell 4.3% to $2.29 billion. Analysts surveyed by Thomson Reuters had expected earnings of 64 cents per share on revenue of $2.31 billion.

Nordstrom also reported a 6% drop in same-store sales and said that results would continue to be challenging. The company said it now expects earnings per share for its fiscal year to be between $2.55 to $2.65 per share. That’s down from the previous forecast of $2.65 to $2.80 per share. Analysts surveyed by Thomson Reuters expect net income of $2.68 per share for the year.

Shares rose 4.37% Friday to close at $31.54. Shares are down 14.1% year to date.

Continue reading Nordstrom and JCPenney beat earnings estimates despite profit drops, tough economy

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