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Nordstrom's 3rd-quarter profit rises 15 percent

Associated Press Modified: November 8, 2012 at 6:01 pm •  Published: November 8, 2012
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Nordstrom has also partnered with Arcadia Group to launch shops under the British company's Topshop and Topman brands in 14 of its 117 full-scale departments this fall. Company officials said they've been encouraged by the results.

Nordstrom is also looking for growth beyond the U.S. and announced in September that it was heading to Canada, starting in 2014. It's teaming up with Canadian mall developer Cadillac Fairview to open four stores; in Calgary, Ottawa, Toronto and Vancouver. Cadillac Fairview operates shopping centers across Canada.

Nordstrom earned $146 million, or 71 cents per share for the three-month period ended Oct. 27. That compares with $127 million, or 59 cents per share, in the year-ago period.

Total sales rose 14 percent to $2.81 billion. Revenue at stores opened at least a year was up 10.7 percent. Its online business increased 38 percent for the quarter compared with a year ago.

Analysts, on average, expected 72 cents per share on total revenue of $2.75 billion, according to FactSet.

Nordstrom, based in Seattle, narrowed its full-year profit outlook to a range of $3.45 to $3.50 per share, from previous guidance of $3.40 to $3.50 per share issued in August.

It also expects revenue at stores opened at least a year to rise 6.5 to 7 percent. In August it forecast growth of 6 to 7 percent.

"While this guidance considers the impacts of Hurricane Sandy, there remains uncertainty and we will continue to monitor trends in the affected areas." Mike Koppell, Nordstrom's executive vice president and chief financial officer told investors.

Shares fell 3.2 percent, or $1.85, to close at $55.40 in regular trading. In after-hour trading, they lost another 2 percent, or $1.05, to $54.35.