REUTERS/Rick Wilking
High-end retailer Nordstrom is getting rocked Thursday afternoon after abysmal earnings.
The company posted earnings of $0.26 per share against analyst expectations of $0.46 a share. Sales also were terrible, with a drop of -1.7% in comparable stores sales, analyst expected flat sales. Revenue was slightly lighter than expected at $3.25 billion for the quarter.
The company also slashed its forecasts for sales and earnings. The company said net sales would grow by 2.5% to 4.5% for 2016, versus its previous estimate of 3.5% to 5.5%.
Nordstrom also expects 2016 full year earnings to be $2.50 to $2.70 a share against analyst projections of $3.20 a share.
“Our first quarter results were impacted by lower than expected sales. In response we have made further adjustments to our inventory and expense plans,” said Blake Nordstrom, co-president of Nordstrom in a press release accompanying earnings.
The earnings come as another in a string of terrible results for the retail industry after Macy's and Kohl's posted worse than expected profits earlier in the week.
The stock is down more than 14% in after-hours trading as of 4:27 p.m. ET.
REUTERS/Rick Wilking
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