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News Summary: Nordstrom 1Q net income slips

The Associated Press

WEAK DEMAND: Nordstrom Inc. said Thursday its first-quarter net income fell 3 percent, hurt by weak demand for spring merchandise and softer performance in the Northeast and Midwest.

SLOW START TO YEAR: It was a rare miss for the luxury retailer, since higher-end spenders have generally kept shopping. Shares fell more than 3 percent in aftermarket trading. The company said it had lower sales trends in seasonal products, as well as in the Northeast, Mid-Atlantic and the Midwest during the first two months of the year.

OUTLOOK: The company lowered its revenue guidance for the year but affirmed its net income guidance.