Upscale retailer Nordstrom, Inc. (JWN) on Tuesday said its fourth-quarter profit surged from last year, helped by higher sales, but results fell just short of analyst expectations.
The Seattle-based company reported fourth-quarter net income of $172 million U.S., or 77 cents U.S. per share, compared with $68 million U.S., or 31 cents U.S. per share, in the year-ago period. Revenue rose more than 10% from last year, to $2.64 billion U.S.
On average, Wall Street analysts expected a higher profit of 79 cents U.S. per share, albeit on lower sales of $2.53 billion U.S.
Looking ahead, the company forecast full-year 2010 earnings of $2.35 to $2.55 U.S. per share, while analysts expect a much lower $1.94 U.S. per share for the year.
Nordstrom shares fell $1.26 U.S., or 3.5%, in premarket trading Tuesday.
The Bottom Line
Shares of JWN have a 1.77% dividend yield based on last night's closing stock price of $36.13 U.S. The stock has technical support in the $30-$32 U.S. price area. If the shares can continue to march higher, there could be overhead resistance around the $39-$41 U.S. price levels. But experts would remain on the sidelines for now.
Nordstrom, Inc. (JWN) is not recommended at this time, holding a Dividend.com DARS Rating of 3.4 out of 5 stars.
