Stocks to watch Friday
Nordstrom profits jump 88 percent, Saks expects to beat current estimates.
February 21, 2002: 8:22 p.m. ET
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NEW YORK (CNN/Money) - A host of clothing retailers reported news after the bell Thursday, with Nordstrom profits rising 88 percent from the year-ago period.
Nordstrom (JWN: Research, Estimates) said net profits rose to $50.7 million, or 38 cents a diluted share, compared with $27 million, or 20 cents a share in the year-ago quarter.
On Feb. 14, Nordstrom raised its fourth-quarter earnings forecast and said it expected a profit of 36 cents to 38 cents a diluted share. Its previous forecast was for a profit of 27 cents to 31 cents a share.
Saks (SKS: Research, Estimates) said it sees fourth-quarter and full year 2001 profits toward the top end of Wall Street estimates because it stemmed declining sales with a sharper focus on customer service, marketing and store efficiencies.
The Birmingham, Alabama-based retailer said it also sees 2002 earnings per share results exceeding the current Wall Street consensus view if the U.S. economy stages a more "robust recovery". First Call consensus estimate is 48 cents per share.
Battered catalog retailer Spiegel Group (SPGLA: Research, Estimates) reported a 19-percent decline in fourth-quarter earnings and said it would sell its long-troubled credit card business and close 45 Eddie Bauer stores.
The retailer also said it was not in compliance with certain 2001 loan covenants due to its dismal results for the year. It said it is currently working closely with its bank and its majority shareholder, Germany's Otto family, to restructure its credit facilities. Its goal is to have new financing agreements in place by mid-April.
Chief Executive Martin Zaepfel said the company has strong support from the Otto family, which controls essentially all of its voting stock, and it is confident it will be able to secure the necessary financing.
The stock rose 5 cents to $2.80 after hours.
BEA Systems (BEAS: Research, Estimates) said fourth quarter net profit fell from a year earlier, and the business software maker said revenues for the current first quarter would be slightly below fourth quarter levels.
The stock fell 57 cents to $15.24 in after-hours trading.
Software maker J.D. Edwards & Co. (JDEC: Research, Estimates) posted a fiscal first-quarter net loss slightly smaller that a year ago but revenues fell in the tough economy.
The Denver-based enterprise software vendor had a net loss of $4.1 million, or 4 cents per share, for the three months ended Jan. 31, versus a net loss of $4.4 million, or 4 cents, in the year-ago quarter.
Shares of J.D. Edwards rose 26 cents to $15.30 after hours. 
-- from staff and wire reports
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