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Fashion retailer Nordstrom cuts Q3 profit guidance

Oct '08
Nordstrom Inc reported preliminary sales of $718 million for the five-week period ended October 4, 2008, a decrease of 5.8 percent compared to sales of $762 million for the five-week period ended October 6, 2007. Same-store sales decreased 9.6 percent.

Preliminary quarter-to-date sales of $1.28 billion decreased 5.1 percent compared to sales of $1.34 billion during the same period in 2007. Quarter-to-date same-store sales decreased 8.9 percent.

Preliminary year-to-date sales of $5.44 billion decreased 4.3 percent compared to sales of $5.69 billion for the same period in 2007. Year-to-date same-store sales decreased 6.8 percent.

"The consumer environment has been impacted by events in the financial markets over the past month," commented Blake Nordstrom, president, Nordstrom.

"In September we experienced a weakening sales trend that was greater than our earlier expectations. We are monitoring business trends carefully and making the appropriate adjustments.

As a result, we believe our inventories, expenses and capital expenditures are well-positioned for current economic conditions. We remain focused on serving our customers and offering a balanced merchandise offering."

The company's below-plan sales performance combined with softer consumer credit trends have lowered expected earnings for the quarter.

Third quarter same-store sales are now expected to decrease nine to eleven percent, below the forecast of a four to six percent decrease announced at the end of the second quarter.

As a result, the company now expects to deliver third quarter earnings per share of $0.32 to $0.37, which is below its prior outlook of $0.49 to $0.54.

In keeping with its normal practice, the company will update fourth quarter and full year guidance on November 13 upon releasing third quarter earnings.

Nordstrom Inc

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