Nordstrom Q4 Profit Jumps 35%; Will Acquire HauteLook for $180 Million (JWN)

Filed in dividend, earnings, Gold, o, revenue, shares by on February 18, 2011 0 Comments

Fashion retailer Nordstrom, Inc. ( JWN ) late Thursday said its fourth quarter profit surged 35% from last year, beating analyst estimates, as the company announced the acquisition of discount luxury website HauteLook. The Seattle-based company reported fourth quarter net income of $232 million, or $1.04 per share, compared with $172 million, or 77 cents per share, in the year-ago period. Revenue rose 10% from last year to $2.92 billion. On average, Wall Street analysts expected a smaller profit of 99 cents per share, on lower revenue of $2.83 billion. Looking ahead, the company forecast full-year 2011 earnings to range from $2.95 to $3.10 per share. Analysts currently expect $3.04 per share for the year. In a separate announcement, Nordstrom said it would buy discount luxury goods website HauteLook for $180 million in stock. Nordstrom shares fell $1.27, or -2.7%, in premarket trading Friday. The Bottom Line Shares of Nordstom ( JWN ) have a 1.72% dividend yield, based on last night’s closing stock price of $46.48. The stock has technical support in the $40-$44 price area. If the shares can firm up, we see overhead resistance around the $50 price level. Nordstrom, Inc. ( JWN ) is not recommended at this time, holding a DARS™ Rating of 3.3 out of 5 stars. Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

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Nordstrom Q4 Profit Jumps 35%; Will Acquire HauteLook for $180 Million (JWN)

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