Nordstrom Posts Higher Q2 Profit

(RTTNews) - Nordstrom Inc. (JWN) reported net income for the second quarter of $211 million or $1.09 per share, compared to $183 million or $0.95 per share for th year-ago quarter.

The latest quarter include an increase in earnings per share of $0.16, which mainly represented the reclassification of receivables as "held for sale" associated with the pending credit card transaction.

Net sales for the second quarter rose 9.2% to $3.60 billion from $3.30 billion in the same quarter last year.

Analysts polled by Thomson Reuters expected the company to earn $0.90 per share on revenue of $3.67 billion for the second quarter. Analysts' estimates typically exclude special items.

For the fiscal year 2015, the company now forecasts net sales growth of 8.5% to 9.5%, earnings of $3.85 to $3.95 per share and earnings, excluding credit transaction and other, of $3.70 to $3.80 per share. Previously, the company forecast net sales growth of 7% to 9% an earnings of $3.65 to $3.80 per share.

Analysts currently expect the company to earn $3.74 per share on revenue growth of 8.00% for the fiscal year 2015.