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Nordstrom net earnings fall in Q3

Seattle – Nordstrom reported declining net earnings during the third quarter of fiscal 2013 despite an increase in net sales. Net earnings totaled $137 million, down 7.5% from $146 million in the same quarter a year earlier.

Meanwhile, net sales were $2.79 billion, up 3% from $2.71 billion in the prior year. Same-store sales fell 0.7%. Nordstrom cited the timing of its largest sale event, the Anniversary Sale, as negatively impacting earnings. The Anniversary Sale fell during the second quarter this year but straddled the second and third quarters of last year.

Nordstrom announced plans to open four new Rack stores and relocate one Rack store during the remainder of fiscal 2013. Looking ahead, for fiscal 2013 the company is forecasting a 3.5% increase in total sales, compared to previous projections of a 3%-4% increase, and a 2.5% jump in same-store sales, compared to a previous estimate of 2%-3%.

 

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