Business

Nordstrom’s profit up but luxury sales slip

The retailer’s revenue rose 6 percent to $3.2 billion, but came up short of estimates.
The retailer’s revenue rose 6 percent to $3.2 billion, but came up short of estimates.Jae C. Hong/Associated Press/File

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Shares of luxury retailer Nordstrom Inc. fell on a lower profit outlook for the year, citing disappointing sales from its more affluent shoppers. The forecast came despite a higher second-quarter profit. Nordstrom is also grappling with new demands — such as free shipping for online orders — from shoppers armed with smartphones. For the quarter, Nordstrom said sales at stores open at least a year rose 4.4 percent. But for its luxury stores, sales slipped 0.7 percent. For the period, the company said it earned $184 million, or 93 cents, topping estimates. In the same period a year ago, Nordstrom earned $156 million.

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