|Published:||Aug 09, 2012 4:37 PM EDT|
|Updated:||Aug 10, 2012 6:31 AM EDT|
NEW YORK (AP) - Nordstrom is reporting an 11 percent decline in second-quarter net income, as results were affected by the timing of the biggest sale of the year.
The retailer, based in Seattle, is also increasing its full-year earnings guidance and accelerating growth plans for its Rack chain.
Nordstrom Inc. earned $156 million, or 75 cents per share, for the quarter ended July 28. That compares with $175 million, or 80 cents per share, in the year-ago period.
Sales excluding credit card revenue rose 7.4 percent to $2.92 billion.
Analysts surveyed by FactSet had expected 74 cents per share on revenue of $2.96 billion.
The company said that its biggest sale of the year started a week later this year than last year. That pushed some of the promotions into August.