This is a very concervative management team and would not have given positive forword quidence if they didn't believe this to be true. What would be gained to hipe expectations only to disappoint. Thier on-line business is experencing double digit growth, plus Nordstrom has no exsposure to europe which is a plus at this point.
Of cource if the US stock market experiences a continued sell off this will have an effect on the high end consumer which could slow 4th quarter earnings. This stock and most are not immune to the overall market. With interest rates at zero and the dollar in decline thanks to Bernanke, folks are pretty much forced into more riskier assets, which will most likely put a floor in the market...no silver bullet here for any of us.