Nordstrom Q1 profit beats analysts

5/17/2018
Nordstrom reported a 31% gain in first quarter net profit that topped Street expectations but its same-store sales disappointed.

Nordstrom said it earned $87 million, or 51 cents a share, in the quarter, compared with $63 million, or 37 cents a share, in the year-ago period. Analysts had expected earnings of 44 cents a share.

Sales rose to $3.47 billion from $3.28 billion a year ago. Digital sales were up 18%, and represented 29% of first quarter sales, up from 25% a year ago.

Total same-store sales rose 0.6%, less than the Street had forecast. In Nordstrom’s full-price division, which includes Nordstrom U.S. full-line stores, Nordstrom.com, the Canadian operation, and Trunk Club, comparable sales increased 0.7%. The top-ranking merchandise categories were kids' apparel and men's apparel.

In off-price, which consists of Nordstrom U.S. Rack stores, Nordstromrack.com/HauteLook and Last Chance clearance stores, same-store sales increased 0.4%.
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