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Nordstrom reports Q2 earnings per share of 71 cents

17 Aug '07

3 min read

Nordstrom Inc reported net earnings of $180.4 million, or $0.71 per diluted share, for the second quarter ended August 4, 2007. For the same period last year, net earnings and earnings per diluted share were $178.8 million and $0.67, respectively. Earnings per diluted share in the second quarter increased 6.0 percent compared to the same quarter last year.

Total sales in the second quarter were $2.39 billion, an increase of 5.2 percent compared to sales of $2.27 billion during the same period in fiscal 2006. Second quarter same-store sales increased 5.9 percent.

The 53rd week in fiscal 2006 created a timing shift in the 4-5-4 calendar for fiscal 2007, which has 52 weeks. The second quarter in fiscal 2007 began and ended one week later than fiscal 2006. With the first week in May having higher sales than the first week in August, this timing shift negatively impacted sales results for the second quarter of 2007.

Second Quarter Highlights:
Sales growth and gross profit rate expansion resulted from continued improvement in the company's execution of its merchandising strategy. More than offsetting our enhanced sales and gross profit during the quarter were on-plan increases in operating expenses on a percent to sales basis versus the prior year.

• Same-store sales increased 5.9 percent for the quarter, exceeding the company's low-single digit same-store sales plan. In July, the company's annual Anniversary sale event that brings in newfall season merchandise before the season begins posted a same-store sales increase of 7.9 percent in our full-line stores, the seventh consecutive year of positive same-store sales for the event, and the highest result over that time span.

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