FINANCE

Nordstrom net earnings fall in Q3

BY Dan Berthiaume

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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REAL ESTATE

Report: Tech giant Intel plans pop-up stores

BY Dan Berthiaume

Santa Clara, Calif. – Multiple media reports indicate that computer chip manufacturer Intel plans to open a number of pop-up stores selling electronic devices using Intel chips. John Wallace, business line manager of mobile and communications for Intel, announced at a Nov. 13 press event that the company will open its first “Intel Experience” store in the NoLita (North of Little Italy) neighborhood of New York City on Nov. 23.

Wallace said the stores will be temporary and only stay open until Jan. 25, 2014. Stores will recycle used devices, offer free coffee and have free movies on Fridays as well as guest lectures. There will also be online shopping access within stores. More details are expected in an official announcement in the near future.

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OPERATIONS

Tiffany CFO resigns

BY Dan Berthiaume

New York – Patrick F. McGuiness, CFO of Tiffany’s, has resigned his position effective Nov. 27, 2013. James M. Fernandez, 58, executive VP and COO of Tiffany’s, will assume the position of CFO on an interim basis.

Fernandez has been with Tiffany’s since 1983. The board of Tiffany’s has authorized a search for a new CFO.

McGuiness received a severance package worth $899,000 and will also receive a prorated performance bonus for the fiscal year ending Jan. 31, 2014. McGuiness will release any claims he might have against Tiffany as part of the severance agreement.

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