UPDATE: Nordstrom Q4 Profit Misses Expectations, Shares Drop

Shares of Nordstrom Inc. JWN declined more than 2% in after-hours trading after the company reported weaker-than-expected fourth-quarter earnings. The Seattle, Washington-based company posted a quarterly profit of $255 million, or $1.32 per share, compared to $268 million, or $1.37 per share, in the year-ago period. Its sales gained to $3.94 billion from $3.61 billion. However, analysts were expecting earnings of $1.35 per share on revenue of $4.01 billion. Nordstrom comparable sales rose 4.5% in the period. Nordstrom.com net sales gained 19%, while Nordstrom Rack net sales climbed 17%. Nordstromrack.com/HauteLook net sales jumped 28% in the same period. Gross profit, as a percentage of net sales, slipped 53 basis points to 36.7% in the quarter. During the quarter, Nordstrom repurchased 0.7 million shares of its common stock for $56 million. During the year, the company opened 3 full-line stores and 27 Nordstrom Rack stores. For the full year, Nordstrom expects profit of $3.65 to $3.80 per share and sales growth of 7% to 9%. The company also projects comparable sales growth of 2% to 4%. Nordstrom shares fell 2.77% to $75.00 in after-hours trading.