AddThis

Nordstrom Q2 income up, but cuts forecast on soft sales

Seattle -- Nordstrom said its net income for the fiscal second quarter, ended Aug. 3, rose to $184 million from $156 million in the year-ago period. But the department store retailer cut its yearly forecast, citing softer-than-anticipated sales trends.

Nordstrom said revenue rose 6.4% % to $3.1 billion, short of the $3.29 billion Wall Street expected. Total company same-store sales increased 4.4%.

By division, full-line same-store sales decreased 0.7%. Direct sales increased 37% in the quarter, fueled by expanded merchandise selection and ongoing technology investments to enhance the online experience.  
    
At Nordstrom Rack, net sales increased 12% to $69 million, reflecting 17 new store openings since the second quarter of fiscal 2012. Nordstrom Rack same-store sales increased 2.4%.

Nordstrom announced plans to open 14 new Rack stores and relocate one full-line and two Rack stores during the remainder of 2013.

 

© 2014