Nordstrom shares tumble on slashed annual outlook, weak 1Q

Nordstrom's shares are tumbling in extended trading after the upscale department store slashed is annual sales and profit outlook.

The reduced guidance came as the Seattle-based chain reported that its first-quarter earnings dropped 64 percent as a key revenue measure declined.

Nordstrom joins a parade of major retailers including Macy's and Kohl's that have reported weak results, citing a drop-off in spending since mid-March.

Nordstrom Inc. said Thursday it earned $46 million, or 26 cents per share, for the quarter ended April 30. That compares with $128 million, or 66 cents per share, last year.

Net sales rose 2.5 percent to $3.19 billion, but a key revenue measure was down 1.7 percent.

Analysts had forecast earnings per share of 47 cents on revenue of $3.29 billion, according to FactSet.

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