This story is free to read.

Nordstrom shares tumble on slashed annual outlook, weak 1Q

FILE - In this Monday, March 23, 2015, file photo, a woman arrives at a Nordstrom luxury department store, at The Mall of San Juan, in San Juan, Puerto Rico. Nordstrom reports financial results, Thursday, May 12, 2016. (AP Photo/Ricardo Arduengo, File) FILE - In this Monday, March 23, 2015, file photo, a woman arrives at a Nordstrom luxury department store, at The Mall of San Juan, in San Juan, Puerto Rico. Nordstrom reports financial results, Thursday, May 12, 2016. (AP Photo/Ricardo Arduengo, File)

By Associated Press May 12, 2016 1 min read

NEW YORK (AP) – Nordstrom’s shares are tumbling in extended trading after the upscale department store slashed is annual sales and profit outlook.

The reduced guidance came as the Seattle-based chain reported that its first-quarter earnings dropped 64 percent as a key revenue measure declined.

Nordstrom joins a parade of major retailers including Macy’s and Kohl’s that have reported weak results, citing a drop-off in spending since mid-March.

Nordstrom Inc. said Thursday it earned $46 million, or 26 cents per share, for the quarter ended April 30. That compares with $128 million, or 66 cents per share, last year.

Net sales rose 2.5 percent to $3.19 billion, but a key revenue measure was down 1.7 percent.

Analysts had forecast earnings per share of 47 cents on revenue of $3.29 billion, according to FactSet.