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Nordstrom posts Q2 earning, declares quarterly dividend

Aug '05
Apparel, shoes, jewelry, accessories & cosmetics seller Nordstrom Inc reported net earnings of $148.9 million, or $0.53 per diluted share, for the second quarter ended July 30, 2005. For the same period last year, net earnings and earnings per diluted share were $106.9 million and $0.37, respectively.

Total sales for the second quarter of 2005 increased 7.8 percent, to $2.1 billion, compared to sales of $2.0 billion in the same period last year. Second quarter same-store sales increased 6.2 percent.

Second Quarter Highlights
Earnings increased 39 percent in the second quarter compared to the same quarter last year, ahead of company expectations.

Results reflect ongoing merchandise execution, inventory productivity and expense management improvements. The company continues to focus on providing a differentiated shopping experience and delivering superior long-term financial performance.

- Same-store sales were better than the company's plan, increasing 6.2 percent for the quarter. Regular price selling was strong throughout the quarter and the initial response to fall merchandise was favorable.

- Gross profit, as a percent of sales, increased 110 basis points due to strong sell through and a lower markdown rate compared to the prior year.

- Disciplined expense management, combined with higher than plan sales, resulted in a 120 basis point reduction in selling, general and administrative expenses on a percent to sales basis.

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