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Nordstrom fiscal Q1 profit falls YOY

Nordstrom Inc. said its normalized net income for the fiscal first quarter ended May 3 amounted to 75 cents per share, compared with the S&P Capital IQ consensus estimate of 68 cents per share.

In the prior-year period, the per-share result came in at a profit of 74 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $143.8 million, a decrease from $147.5 million in the prior-year period.

The normalized profit margin dropped to 4.9% from 5.4% in the year-earlier period.

Total revenue climbed 6.6% year over year to $2.93 billion from $2.75 billion, and total operating expenses grew 7.7% from the prior-year period to $2.67 billion from $2.48 billion.

Reported net income declined on an annual basis to $138.7 million, or 72 cents per share, from $145.3 million, or 73 cents per share.