Home / Knowledge / News / Apparel/Garments / Nordstrom Rack continue to experience positive performance
Nordstrom Rack continue to experience positive performance
14
May '10
Nordstrom, Inc. reported net earnings of $116 million, or $0.52 per diluted share, for the first quarter ended May 1, 2010. This represented an increase of 43.8 percent compared with net earnings of $81 million, or $0.37 per diluted share, for the same quarter last year.

First quarter same-store sales increased 12.0 percent compared with the same period in fiscal 2009. Net sales in the first quarter were $1.99 billion, an increase of 16.7 percent compared with net sales of $1.71 billion during the same period in fiscal 2009.

First Quarter Summary
Nordstrom's first quarter performance continued the sales momentum experienced throughout the latter half of 2009. The company's ongoing progress in serving its customers with a compelling blend of fashion, newness, and quality, led to same-store sales increases in each month of the quarter.

• Multi-channel same-store sales increased 13.7 percent compared with the same period in fiscal 2009. Full-line same-store sales in the first quarter increased 11.7 percent and Direct sales increased 38.7 percent compared to the same period in 2009. Top-performing merchandise categories for multi-channel included Jewelry, Dresses and Women's Shoes. The Midwest, Northeast, and South regions were the top-performing geographic areas for full-line stores relative to the first quarter of 2009. During the first quarter, the company opened two Nordstrom full-line stores.
• Nordstrom Rack continued to experience positive performance with a same-store sales increase of 1.9 percent in the first quarter compared with the same period in fiscal 2009. During the first quarter, the company opened six Nordstrom Rack stores.
• Gross profit, as a percentage of net sales, increased approximately 245 basis points compared with last year's first quarter. The improvement was mainly driven by merchandise margin, as a percentage of net sales, but also from reduced buying and occupancy costs as a percentage of net sales. The company ended the quarter with sales per square foot up 13.0 percent and inventory per square foot up 1.9 percent compared with the first quarter of 2009.
• Retail selling, general and administrative expenses, as a percentage of net sales, increased approximately 60 basis points primarily due to the timing of performance-related expenses, and to a lesser extent, due to planned expenses related to new stores and technology. This increase in performance-related expense in the quarter is reflective of the improvement in the company's sales and earnings performance over its plan, and better visibility into operating trends relative to the first quarter of 2009.
• Credit selling, general, and administrative expenses were flat compared with last year's first quarter. Bad debt expense decreased $4 million compared with the first quarter of 2009. The decrease in bad debt expense reflects recent improvements in our credit trends. Delinquencies as a percentage of ending accounts receivable during the first quarter were 4.2 percent, which is a sequential improvement of 110 basis points compared with the fourth quarter of 2009 and reflects delinquency rates comparable to those experienced during the first half of 2009.


Must ReadView All

AEPC concern over apparel exports fall; envoys meet CEA

Apparel/Garments | On 17th Nov 2017

AEPC concern over apparel exports fall; envoys meet CEA

India’s Apparel Export Promotion Council (AEPC) has expressed concern ...

Moody's improves India's rating

Textiles | On 17th Nov 2017

Moody's improves India's rating

Moody's Investors Service has upgraded the Indian Government’s local...

Sweden in talks with Birlas for smart textiles project

Textiles | On 17th Nov 2017

Sweden in talks with Birlas for smart textiles project

Sweden is seeking a collaborative project with the Aditya Birla Group ...

Interviews View All

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Headhonchos
Indian fashion industry

Organic the first choice of any environment-conscious person

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

November 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
68.5%
No
12.4%
Skip
19.1%

Total Votes: 89

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.8%
No
30.3%
Skip
7.9%

Total Votes: 89

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
86.5%
No
10.1%
Skip
3.4%

Total Votes: 89

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
80.9%
No
9.0%
Skip
10.1%

Total Votes: 89


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search