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SEATTLE — Luxury retailer Nordstrom said Thursday its profit fell 24 percent in the first quarter, as recession rumblings in the U.S. crimped even wealthier consumers’ shopping habits.
Nordstrom’s net profit fell to $119 million, or 54 cents per share, from $157 million, or 60 cents per share, in the same three months last year. Revenue slipped 4 percent to $1.88 billion.
J.C. Penney and Kohl’s Inc. also reported steep drops in first-quarter profits Thursday as Americans snub apparel to focus on basic necessities.
