No Sale: Nordstrom Profits Plummet by Half
Nordstrom's third-quarter profits plunged to $71 million from $166 million in the third quarter of 2007, as the luxe department store followed most other retailers into a blue Christmas.
Third-quarter revenue was down 8.4 percent compared to last year and same-store sales were down 11.1 percent, the company said.
In a trouble spot in the earnings, Nordstrom noted that third-quarter expenses this year were actually up 2.6 percent compared to last year. Not a good sign in a down economy at a high-end retailer.
Wal-Mart, the leading indicator at the other end of retail, reported a 10 percent jump in third-quarter earnings this morning.
-- Frank Ahrens
The Ticker is Twittering!
The comments to this entry are closed.