Luxury retailer Nordstrom said its profit fell 24 percent in the first quarter as recession rumblings in the U.S. crimped even wealthier consumers'...

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Luxury retailer Nordstrom said its profit fell 24 percent in the first quarter as recession rumblings in the U.S. crimped even wealthier consumers’ shopping habits.

Nordstrom’s earnings fell to $119 million, or 54 cents a share, from $157 million, or 60 cents a share in the same three months last year. Revenue slipped 4 percent to $1.88 billion from $1.95 billion a year ago.

Analysts had predicted Nordstrom would earn a profit of 49 cents a share on sales of $1.9 billion, according to a Thomson Financial survey.

The results were released after the stock market closed. Nordstrom shares climbed $1.05 in early after-hours trading after finishing the regular session up $1.15, or 3.2 percent, at $37.29.

The company said same-store sales, a key retail metric that measures sales at stores open for more than a year, fell 6.5 percent for the quarter, below the expected 3 to 5 percent drop.

Nordstrom said margins were lower than a year ago, hurt by merchandise markdowns.

For the current second quarter, Nordstrom forecast a profit of 65 cents to 70 cents a share. The midpoint of that range is less than Wall Street’s current view for 69 cents a share.

Nordstrom cut its earnings outlook for the full year to $2.65 to $2.89 a share, from an earlier forecast for $2.75 to $2.90 a share. Analysts are currently looking for $2.76 a share.

The retailer said it expects same-store sales to fall 5 percent to 7 percent in the quarter, and 4 percent to 6 percent in the year, a steeper drop than previously expected.

Nordstrom opened four new stores in the first three months of the year.