-- The same-store sales increase combined with overall on-plan expenses resulted in a 64 basis point reduction in selling, general and administrative expenses on a percent to sales basis.
Year-to-date net earnings increased 22.3 percent to $310.0 million for the period ended July 29, 2006, compared to net earnings of $253.5 million for the same period last year. Earnings per diluted share for the same periods were $1.15 and $0.91, respectively.
Year-to-date total sales increased 7.9 percent to $4.1 billion compared to prior year sales of $3.8 billion. Same-store sales increased 5.6 percent.
No new stores were opened during the second quarter. It will open a new relocated store at the Westfield Topanga mall in Woodland Hills, Calif., on October 6th.
For the fiscal year ending February 3, 2007, the company now anticipates diluted earnings per share in the range of $2.31 to $2.39, which includes an estimated expense of $0.06 per diluted share from the adoption of SFAS No. 123® regarding expensing of stock options. For the third quarter, it is planning low single digit same-store sales growth and earnings per share in the range of $0.40 to $0.45.
Nordstrom Inc is one of the nation's leading fashion specialty retailers, with 156 US stores located in 27 states.
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