Nordstrom profit up but a key metric falls
Nordstrom Inc. swung to a profit in its third quarter and topped expectations, but its same-store sales fell as hurricanes affected store traffic in Puerto Rico, Florida, and Texas.
The department store retailer earned $114 million, or 67 cents a share, for the quarter ended Oct. 28, versus a loss of $10 million, or 6 cents a share, in the year-ago period. Analysts had expected earnings of 64 cents. The estimated reduction in earnings from hurricanes affecting the company’s stores in was approximately $0.04.
Total company net sales rose 2% to $3.5 billion, slightly below forecasts. Total company same-store sales fell 0.9%, more than expected. The estimated lost sales impact from the hurricanes was approximately $20 million.
Same-store sales fell 1.9% at Nordstrom. The top-ranking merchandise categories were men’s apparel and kids’ apparel. The West was the top-ranking U.S. geographic region. Same-store sales rose 0.8% at Nordstrom Rack.
Nordstrom operates 366 stores in 40 states, including 122 full-line stores in the United States, Canada and Puerto Rico; 232 Nordstrom Rack stores; two Jeffrey boutiques; two clearance stores; seven Trunk Club clubhouses; and its Nordstrom Local service concept.
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