Nordstrom outlook also disappoints

MarketWatch.com - MarketPulse NEW YORK (MarketWatch) -- Nordstrom Inc. on Thursday forecast a full-year and first quarter outlook that missed Wall Street expectations as the luxury retailer said its planned entry into Canada will continue to hurt profit. The company forecast full-year profit of $3.75 to $3.90 a share and first-quarter profit of 60 cent to 70 cents a share. Analysts surveyed by FactSet were looking for profit of $4.07 a share for the year and 79 cents a share for the first quarter. The company s outlook came after it reported a fourth-quarter profit of $1.37 a share, 3 cents above average Wall Street estimate. Same-store sales at its namesake chain fell 3.3% while the discount Nordstrom Rack sales rose 3.6%. Direct same-store sales jumped 30%, Nordstrom said. Its stock fell 1% in after-market trading. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.