Nordstrom, Inc. announced that based on quarter-to-date sales, first quarter 2003 earnings per share are expected to be below the previously guided range of $0.23 to $0.27 per share, which compares to $0.22 per share for the same period in the prior year. The earnings shortfall is the result of below-plan sales, which are trending down in the low single digits quarter-to-date.
“The company’s fundamentals remain solid and we are continuing to focus on opportunities within our control,” said President Blake Nordstrom. “Our team is taking appropriate action to respond to current conditions, however, sales are a key performance driver and based on current trends we felt it was prudent to adjust expectations.”
The company believes that general consumer demand has softened since January and military conflict with Iraq has further impacted results. Until there is better visibility regarding consumer trends, the company believes it is premature to update guidance.
