Nordstrom Profit Tops Forecasts; Saks Down

Nordstrom Inc. reported profit of $66.5 million, or 50 cents a share, for the fiscal fourth quarter, barely changed from $66.5 million, or 47 cents, a year ago, as losses at its Internet site offset increased sales at its upscale department stores. Analysts were expecting on average 47 cents a share, according to First Call/Thomson Financial. Sales rose 6% to $1.53 billion. The Seattle-based company also said it plans some changes in the line of women’s apparel it offers, and it is eliminating the office of co-president. Nordstrom shares rose 31 cents to close at $19.88 on the NYSE. Separately, Saks Inc. reported an unexpected 1.3% decline in fiscal fourth-quarter earnings to $141 million, or 98 cents a share, far below the $1.08 analysts expected. Officials said earnings for the year will miss expectations. Revenue rose 4% to $2.13 billion. The retailer said spending to start a Web site hurt earnings. Saks said it will close a distribution center and combine functions at two units, eliminating 460 jobs. Its shares closed off $1.44 at $10.56 on the NYSE.