News Summary: Nordstrom 1Q net income slips
News Summary: Nordstrom net income falls 3 percent on weak seasonal demand
WEAK DEMAND: Nordstrom Inc. said Thursday its first-quarter net income fell 3 percent, hurt by weak demand for spring merchandise and softer performance in the Northeast and Midwest.
SLOW START TO YEAR: It was a rare miss for the luxury retailer, since higher-end spenders have generally kept shopping. Shares fell more than 3 percent in aftermarket trading. The company said it had lower sales trends in seasonal products, as well as in the Northeast, Mid-Atlantic and the Midwest during the first two months of the year.
OUTLOOK: The company lowered its revenue guidance for the year but affirmed its net income guidance.
