Nordstrom to open seven additional new full-line stores

26 Feb '08

3 min read

• Gross profit, as a percent of sales, decreased 66 basis points compared to last year's fourth quarter. Merchandise margins declined over prior year as the company continued to align inventory with sales trends. Year end inventory per square foot was $47, down from $49 in the prior year. The decline in merchandise margin rate was partially offset by lower performance based buying costs.

• Selling, general and administrative expenses, as a percent to sales, improved 68 basis points compared to last year's fourth quarter primarily due to lower incentive costs tied to company performance, partially offset by increased bad debt expense related to the company's credit card business.

• In the fourth quarter of 2007, Nordstrom repurchased 11 million shares totaling $388 million, with an average price of $34.38. The company had $1.4 billion remaining on its existing authorization. Fourth quarter share repurchases had a $0.01 impact on fourth quarter earnings per diluted share. The cumulative impact year to date of the company's share repurchase program added $0.06 to fourth quarter 2007 earnings per diluted share.

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