Nordstrom Inc

Nordstrom Inc. said its fiscal first-quarter earnings would be less than forecast because sales had slowed since the war in Iraq began. Nordstrom didn't provide a specific estimate for the quarter ending April 30. The firm's original projection was for net income of 23 to 27 cents a share. Shares of Seattle based-Nordstrom dropped $1.12 to $16.20 on the NYSE.

Bruce Nordstrom retired Tuesday as chairman of the upscale retailer that bears his family's name, and the board moved a Pasadena businessman to the head of the table. Enrique "Rick" Hernandez Jr., chairman and chief executive of Inter-Con Security Systems Inc. and a Nordstrom Inc. board member since 1997, was named nonexecutive chairman of the Seattle retailer, which has been guided by family members throughout its 105-year history.

Nordstrom Inc., the Seattle-based department store chain, agreed to sell its Faconnable clothing unit to Lebanese buyout firm M1 Group for $210 million to focus on its own stores. Nordstrom said it would continue to sell the French maker's clothing. Faconnable operates four of its own boutiques in the U.S. and 37 in Europe. Nordstrom, which announced in February that it might sell Faconnable, is shedding the unit as it expands its chain of 98 department stores.

Upscale clothing retailer Nordstrom Inc. reduced its third-quarter earnings outlook, hurt in part by record-keeping changes associated with a new inventory management system. The Seattle-based company expects earnings in the range of 13 cents to 14 cents a share, compared with 8 cents in the third quarter of 2001. The company had expected to earn 16 cents to 20 cents a share in the period. Nordstrom was the stock that fell the most after the 4 p.m.

Nordstrom Inc. posted sharply higher third-quarter earnings, helped by better merchandising and cost control. The Seattle-based retailer said quarterly earnings jumped to $45.5 million, or 33 cents a share, from $18.4 million, or 14 cents, a year earlier. Analysts had expected earnings of 22 cents a share. Sales rose 9.8% to $1.42 billion. Before the announcement shares of the department store chain closed at $31.82, up $1.30, on the New York Stock Exchange.

Nordstrom Inc. said the top two executives of its online retailing arm resigned. Nordstrom.com Chief Executive Dan Nordstrom, 39, a fourth-generation member of the famous Seattle corporate family, will stay on through the end of the month. President Mike Smith, formerly president and chief executive of Lands' End, left Friday. They are leaving a month after Nordstrom announced it would buy out shares in Nordstrom.com worth about $70 million held by two venture capital firms.