Nordstrom Q4 earnings thrive 36% following strong sales
24 Feb '06
3 min read
Full Year Results
For the fiscal year ended January 28, 2006, net earnings increased 40 percent to $551.3 million compared to net earnings of $393.5 million for the same period last year.
Earnings per share for the same periods were $1.98 and $1.38, respectively.
Total sales for the year increased 8.3 percent to $7.7 billion compared to prior year sales of $7.1 billion. Same-store sales increased 6.0 percent.
Expansion Update
During the fourth quarter Nordstrom opened one full-line store in Dallas, Texas at The North Park Center.
Gross square footage for the year has increased approximately 3.5 percent, from 19,397,000 to 20,070,000. On March 10, 2006, the company plans to open one store at The Gardens Mall in Palm Beach, Fla.
Share Repurchase
Nordstrom repurchased approximately 1.1 million shares of its common stock during the fourth quarter for $40.8 million.
This reduction in weighted average shares outstanding had no effect on diluted earnings per share for the quarter.
2006 Outlook
For the fiscal year ending February 3, 2007, the company anticipates diluted earnings per share in the range of $2.15 to $2.23, which includes an estimated expense of $0.06 per diluted share from the adoption of SFAS No. 123 regarding expensing of stock options.
Nordstrom Inc is one of the nation's leading fashion specialty retailers, with 155 US stores located in 27 states.
Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 98 full-line stores, 49 Nordstrom Racks, five Faconnable boutiques, one free-standing shoe store, and two clearance stores.
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