Nordstrom (JWN, $34.32) posts lower-than-expected Q1 earnings & sales, admits to missteps

Nordstrom missed estimates on first-quarter earnings and sales. The retail company also lowered its fiscal-year guidance, while admitting its missteps with customers.

The company's adjusted earnings for the quarter came in at 23 cents per share, falling heavily behind analysts’ expectations of 42 cents.

Sales of $3.4 billion also fell short of analysts’ estimates of $3.6 billion. They were also lower than the year-ago quarter’s $3.6 billion.

Co-president Erik Nordstrom said that the company had “executional misses” with its customers, and that it is taking steps to turn things around and improve customer services. 

For the full fiscal year, Nordstrom revised down its earnings forecast to a range of $3.25 to $3.65 a share, compared to prior guidance of $3.65 to $3.90. Analysts were expecting earnings of $3.72 a share. The company also lowered outlook on net sales growth for the year to a range of -2% decrease to flat, versus previous expectations of a +1% to +2% increase.