Nordstrom says its sales and profits fell in its fiscal second quarter, joining its department store peers coping with shoppers' cautious spending.
But its results still topped Wall Street expectations. The Seattle-based upscale department store also reaffirmed its financial annual outlook. Its stock rose 4% in after-hours trading.
Nordstrom said it expects a revenue decline between 4% to 6% for the year compared with a year ago. It also expects earnings per share of between $1.80 per share to $2.20 per share for the year, excluding charges related to the wind-down of its Canadian operations. Analysts expect $1.98 per share, according to FactSet.
The reports come as shoppers are still dealing with high inflation and higher interest rates that are making it more expensive to take out a loan on a car or a house or carry debt on credit cards.
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