2 Min Read
(Reuters) - Nordstrom Inc (JWN.N) reported weaker-than-expected quarterly same-store sales as fewer people visited the apparel retailer's stores in the United States, sending its shares down 3.7 percent after the bell.
Rivals Kohl's Corp (KSS.N) and Macy's Inc (M.N) also posted bigger-than-expected declines in quarterly sales earlier on Thursday, underscoring department store operators' struggles amid sluggish demand for discretionary items like apparel and an inability to retain shoppers who are moving online.
Nordstrom reported a 0.8 percent decline in its comparable-store sales for the first quarter ended April 29, compared with flat sales expected by analysts polled by research firm Consensus Metrix.
The company's net income rose to $63 million, or 37 cents per share, from $46 million, or 26 cents per share, a year earlier.
Nordstrom's net sales rose 2.7 percent to $3.28 billion, helped by strong demand at its off-price stores, Nordstrom Rack, and its website.
Reporting by Gayathree Ganesan in Bengaluru; Editing by Maju Samuel