Nordstrom Inc., the largest U.S. luxury department-store chain, missed same-store sales estimates in the most recent quarter as the retail industry tries to lure customers with promotions. The shares fell the most in more than two years.
Sales at Nordstrom stores open at least a year and the brand’s website rose 2.7 percent in the second quarter ended Aug. 2, missing the 3.1 percent that Consensus Metrix had estimated. Its full-line department stores saw sales drop 1.2 percent, compared with projections for growth of 1.2 percent. Total comparable sales at all brands, including Nordstrom Rack and HauteLook, increased 3.3 percent.