UPDATE: Nordstrom Posts 11% Drop In Q2 Profit, Lifts 2012 Forecast

Nordstrom JWN posted an 11% drop in its second-quarter profit and raised its 2012 forecast. Nordstrom's quarterly profit fell to $156 million, or $0.75 per share, from $175 million, or $0.80 per share, in the year-ago period. Its revenue climbed 7% to $2.92 billion. Same-store sales rose 4.5%. Its gross margin dropped to 36.6% from 37.4%. Nordstrom lifted its 2012 earnings forecast to $3.40 to $3.50 per share. Nordstrom shares closed at $55.08 yesterday.