What: Following Nordstrom's (NYSE:JWN) third quarter earnings release after market close on Nov. 12, shares are down about 16% on Friday at the time of this writing.

So what: The sell-off is likely due to the high-end retailer's lower-than-expected earnings per share and comparable store sales growth.

Nordstrom reported earnings of $0.42 per share, or $0.57 when adjusted for $0.15 in transaction costs "associated with the closing of its credit card portfolio sale". This was well below average analyst expectations of $0.72. Same-store sales growth was also weak, increasing just 0.9% from the year-ago quarter. This growth meaningfully lags the company's year-to-date same-store sales growth of 3.5%.

Notably, the company's financial results were even below management's own expectations. They explained the worse-than-expected performance in its third quarter press release, saying it reflects "softer sales trends that were generally consistent across channels and merchandise categories".

Now what: Accounting for weaker consumer trends and its worse-than-expected third quarter, the company has reduced its full-year outlook for sales and earnings. Nordstrom now expects revenue growth and earnings per share in the range of 7.5% to 8% and $3.40 to $3.50, compared to prior expectations of 8.5% to 9.5% and $3.70 to $3.80, respectively.

Daniel Sparks has no position in any stocks mentioned. The Motley Fool recommends Nordstrom. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.