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Nordstrom posts 2.9% rise in Q3 FY'14 sales
15
Nov '13
Nordstrom, Inc. reported earnings per diluted share of $0.69 for the third quarter ended November 2, 2013, compared with $0.71 for the same quarter last year. Net earnings were $137 million compared with $146 million for the same quarter last year.

The Anniversary Sale, which historically is the Company’s largest sale event of the year, occurred in the second quarter this year, while in fiscal 2012 it occurred during both the second and third quarters. The estimated impact of this event shift increased earnings per diluted share in the second quarter and reduced earnings per diluted share in the third quarter by approximately $0.06.

Year-to-date earnings per diluted share of $2.35 increased 8.3 percent compared with $2.17 for the same period last year. Year-to-date net earnings were $466 million compared with $451 million for the same period last year.

Third quarter total Company same-store sales increased 0.1 percent and total Company net sales of $2.8 billion increased 2.9 percent compared with the same period in fiscal 2012. Combined second and third quarter same-store sales, which eliminates the impact of the Anniversary Sale event shift, increased 2.4 percent compared with the same period in 2012. Year-to-date total Company same-store sales increased 2.5 percent and total Company net sales of $8.6 billion increased 4.7 percent compared with the same period last year.

The Company’s third quarter performance was consistent with its full-year outlook, with strong Direct sales growth and improving trends in the Rack mitigating softer sales trends in full-line stores. The Company maintained its disciplined execution around inventory and expenses while continuing to add new technology and capabilities to enable a better customer experience. Based on the Company’s year-to-date performance, the Company updated its full-year earnings per diluted share outlook to $3.65 to $3.70 compared to its prior outlook of $3.60 to $3.70. This reflected same-store sales expectations of approximately 2.5 percent compared to prior outlook of 2 to 3 percent.

THIRD QUARTER SUMMARY

Nordstrom same-store sales, which consist of the full-line and Direct businesses, decreased 0.7 percent compared with last year’s same-store sales increase of 11.2 percent. Top-performing merchandise categories included Cosmetics, Women’s Apparel, and Women’s Shoes. Momentum continued in Women’s Apparel, outperforming the Nordstrom average on a year-to-date basis.

Full-line same-store sales decreased 4.2 percent compared with last year’s same-store sales increase of 8.1 percent. The Southwest and Southern California regions were the top-performing geographic areas.

Direct net sales increased 23 percent in the third quarter, on top of last year’s increase of 38 percent, driven by expanded merchandise selection and ongoing technology investments to enhance the online experience.

Nordstrom Rack net sales increased $95 million, or 16 percent, compared with the same period in fiscal 2012, reflecting 20 store openings since the third quarter of fiscal 2012. Nordstrom Rack same-store sales increased 3.7 percent on top of last year’s same-store sales increase of 8.1 percent.

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Nordstrom

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