Off-price unit helps Nordstrom beats Q4 profit estimates
Nordstrom Inc. reported better-than-expected profit for its fourth quarter amid a strong performance by Nordstrom Rack and cost cuts.
The department store retailer reported that it earned $201 million, or $1.15 per share, for the quarter ended Jan. 28, compared with $180 million in the year-ago quarter. Excluding certain items, the adjusted earnings came to $1.37 per share. Analysts had estimated $1.15 a share on average.
Nordstrom’s total revenue rose 2.4% to $4.2 billion, less than expected.
Total same-store sales decreased 0.9%. In the Nordstrom brand, including U.S. and Canada full-line stores and Nordstrom.com, same-store sales decreased 2.7%.
In the Nordstrom Rack brand, consisting of Nordstrom Rack stores and Nordstromrack.com/HauteLook, same-store sales increased 4.3%. Net sales increased 10.7%.
Nordstrom announced plans to one full-line store in 2017, along with 15 Nordstrom Rack stores, two full-line store relocations and one Nordstrom Rack store relocation.
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