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Bonds Are a 'Safe' Investment: A Big Lie Gets Even BiggerOn Thursday, upscale retailer Nordstrom Inc. (NYSE: JWN) reported a 21% decline in second-quarter earnings, and on Friday, JCPenney Co. Inc. (NYSE: JCP) reported a 36% decline in second-quarter earnings, as consumers continued to pull back on spending in the tough economy.
The Seattle-based Nordstrom said that it earned $143 million, or 65 cents per share, in the quarter ended Aug. 2, compared to $180 million, or 71 cents per share, in the same period of the previous year. Total sales fell 4.3% to $2.29 billion. Analysts surveyed by Thomson Reuters had expected earnings of 64 cents per share on revenue of $2.31 billion.
Nordstrom also reported a 6% drop in same-store sales and said that results would continue to be challenging. The company said it now expects earnings per share for its fiscal year to be between $2.55 to $2.65 per share. That's down from the previous forecast of $2.65 to $2.80 per share. Analysts surveyed by Thomson Reuters expect net income of $2.68 per share for the year.
Shares rose 4.37% Friday to close at $31.54. Shares are down 14.1% year to date.
Plano, Texas-based department store chain JCPenney reported that it earned $117 million, or 52 cents per share, in the quarter ended Aug. 2, compared with $182 million, or 81 cents per share, a year ago. Total revenues fell 2.5% to $4.28 billion, as same-store sales fell 4.3%. Analysts surveyed by Thomson Reuters had expected a profit of 50 cents per share on revenue of $4.28 billion.
JCPenney likewise warned of the "difficult consumer environment" and said it expects earnings in the current quarter to be between 70 cents and 75 cents per share. Analysts forecast a profit of 76 cents per share.
Shares rose 8.44% Friday to close at $39.94. Shares are down 9.2% year to date.
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8-15-2008 @ 6:59PM
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