This is just getting dumb.
Nordstrom (JWN) announced after the close 1st quarter EPS of 54 cents a share on a 6.5% same store sales decline. Net income declined by 24%.
After a long string of impressive same store sales increases, Nordstrom’s same store sales turned negative in the Jan08 quarter and were just crushed this quarter (Nordstrom Same Store Sales Chart). Their forecast for the current quarter (Jul08) is for -5% to -7% same store sales (JWN Earnings Release).
The stock is up 3% in the after hours – I guess because they beat analyst estimates for 49 cents EPS.
What can I say? This is not a good report. But it doesn’t matter – for now.
Disclosure: Top Gun has no position in Nordstrom (JWN) shares.