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New opening stores drive Nordstrom's Q3 sales

18
Nov '05
Seattle-based leading fashion specialty retailer Nordstrom Inc reported net earnings of $107.5 million, or $0.39 per diluted share, for the third quarter ended October 29, 2005.

For the same period last year, net earnings and earnings per diluted share were $77.8 million and $0.27, respectively.

Total sales for the third quarter of 2005 increased 8.0 percent, to $1.7 billion, compared to sales of $1.5 billion in the same period last year.

Third quarter same-store sales increased 5.9 percent.

Net earnings increased 38 percent in the third quarter compared to the same quarter last year, reflecting strong sales momentum and ongoing operating improvements.

The company remains committed to providing a differentiated shopping experience and delivering superior long-term financial performance.

* Same-store sales increased 5.9 percent for the quarter, higher than the company's 3 to 5 percent same-store sales guidance.

* Gross profit, as a percent of sales, increased 34 basis points, primarily as a result of sales leverage on buying and occupancy expenses.

* Disciplined expense management, combined with higher than plan sales, resulted in a 130 basis point reduction in selling, general and administrative expenses on a percent to sales basis.

* Income tax expense was reduced $6.3 million, or $0.02 per diluted share, due to the final determination of the company's fiscal 2004 tax expense and the completion of tax return audits for earlier years.


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