Nordstrom to open seven additional new full-line stores

26 Feb '08

3 min read

Nordstrom Inc reported net earnings of $212 million, or $0.92 per diluted share for the fourth quarter ended February 2, 2008. For the fourth quarter last year, net earnings and earnings per diluted share were $232 million and $0.89, respectively. Total sales in the fourth quarter were $2.5 billion, a decrease of 4.4 percent compared to sales of $2.6 billion for the same period in fiscal 2006. Fourth quarter same-store sales decreased 0.7 percent.

Similar to many other retailers, Nordstrom follows the retail 4-5-4 reporting calendar, which included an extra week in the fourth quarter of fiscal 2006 (the 53rd week) compared to the normal operating calendar of 52 weeks. Excluding the extra week of sales in the fourth quarter of 2006, total sales were approximately flat in the fourth quarter of 2007. The 53rd week is not included in same-store sales calculations.

Fourth Quarter Highlights:
The fourth quarter presented a challenging consumer and retail environment, but the company continued to make good progress aligning inventory and expenses to sales trends. The company continues to focus on profitably growing market share by providing customers with a compelling selection of designer, luxury, and quality fashion merchandise.

As always, Nordstrom is dedicated to offering friendly, knowledgeable, welcoming service, with a consistent offering and experience across its retail stores and online channel at Nordstrom.com.

• Same-store sales decreased 0.7 percent for the quarter compared to the company's approximately flat same-store sales plan. Merchandise categories with performance above the same-store average for the quarter were designer products across categories, accessories, and women's shoes.

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