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Nordstrom's 3Q profits rose 6.7 percent
ANNE D'INNOCENZIO
(The Associated Press)



04:46:13AM (ET) Friday 11.11.11.

NEW YORK (AP) — Nordstrom Inc. reported that third-quarter profit rose by nearly 7 percent as its affluent shoppers continue to splurge despite an uncertain economy and volatile swings in the stock market.

The upscale retailer, which released results Thursday after the regular markets closed, also upgraded its full-year profit outlook though it was below Wall Street expectations. That conservative outlook pushed shares down almost 3 percent in after-markets trading.

The chain says that it earned $127 million, or 59 cents per share, in the three-month period ended Oct. 29. That compares with $119 million, or 53 cents per share in the year-ago period. Net sales rose 14 percent to $2.38 billion, from about $2.09 billion in the year ago period. The company said its top performing categories included designer merchandise as well as handbags and dresses.

Analysts were expecting earnings per share of 59 cents on net sales of $2.35 billion. Revenue at stores opened at least a year climbed 7.9 percent for the quarter.

Like many luxury stores, Nordstrom has had rebounding sales since late 2009 as well-heeled shoppers have become more comfortable with spending despite the challenges of the weak economy that include high unemployment, wild stock market fluctuations and declining home values. But like many retailers of all stripes, Nordstrom has worked to make shopping easier for recession-weary Americans to shop.

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Let's see how the holiday shopping season will do for Nordstrom.
Many outlets are following suit about opening up at midnight on Black Friday.
There are few opening up Thanksgiving early evening.
It's going to get interesting...

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