Nordstrom Feb. Same-Store Sales Fall 5.8 Pct

Thu Mar 6, 2008 11:04pm GMT
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ATLANTA (Reuters) - Upscale department store chain Nordstrom Inc (JWN.N: Quote, Profile, Research) on Thursday reported that February sales at stores open at least a year fell 5.8 percent, worse than analysts expected, as higher-end consumers became more cautious about spending, and its shares fell more than 5 percent.

Analysts, on average, were expecting the company's same-store sales to fall 3.5 percent, according to Reuters Estimates.

The Seattle-based retailer said preliminary data indicated total sales for the four weeks ended March 1 fell 3.3 percent to $529 million.

On a recorded call, the company said the strongest categories included designer apparel, cosmetics, shoes and accessories.

Rivals Saks Inc (SKS.N: Quote, Profile, Research) and Neiman Marcus this week said the spending slowdown amid the softer U.S. economy was broad-based but more evident among lower-end shoppers.

Saks posted a better-than-expected 3.4 percent rise in February same-store sales on Wednesday, but Neiman Marcus said same-store sales for its namesake and Bergdorf Goodman stores fell 7.4 percent in the month.

Nordstrom's shares were down $2.01, or 5.4 percent, to $35.33 in morning New York Stock Exchange trading.

(Reporting by Karen Jacobs, Editing by Dave Zimmerman)