Fashion specialty retailer Nordstrom profits jump in Q3
20 Nov '07
3 min read
Nordstrom Inc reported net earnings of $165.7 million, or $0.68 per diluted share for the third quarter ended November 3, 2007. For the same period last year, net earnings and earnings per diluted share were $135.7 million and $0.52, respectively.
Total sales in the third quarter were $1.97 billion, an increase of 5.3 percent compared to sales of $1.87 billion during the same period in fiscal 2006. Third quarter same-store sales increased 2.2 percent.
Our results include $20.9 million, net of tax, or $0.09 per diluted share, for the sale of the Faconnable business, which closed during the third quarter. Third quarter adjusted earnings per diluted share of $0.59, which excludes the gain on the sale of Faconnable, increased 13 percent compared to the same quarter last year.
Included in our earnings per diluted share is a $0.01 benefit of a reduction in weighted average shares outstanding resulting from our stock repurchase program during the quarter.
The 53rd week in fiscal 2006 created a timing shift in the 4-5-4 calendar for fiscal 2007, which has 52 weeks. This timing shift positively impacted sales results for the third quarter of 2007.
Third Quarter Highlights: Our focus continues to be to grow market share by providing customers with a well-edited selection of designer, luxury, and quality fashion merchandise. We will also continue to strive to offer friendly, knowledgeable, welcoming service, both in our stores and online with an integrated offering and experience. The company is focused on improving results through existing and new stores and Nordstrom.com.
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