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Nordstrom Q2 profit soars 20%
Seattle -- Nordstrom reported Thursday that net income for its second quarter rose 20% to $175 million, compared with $146 million in the year earlier period.
Revenue surged 12.4% to $2.72 billion, benefited by strong promotions and matching Wall Street estimates. Same-store sales rose a solid 7.3%. The department store retailer has raised its profit outlook for the full year.
Its outlet concept Nordstrom Rack saw net sales increase 23.4% to $92 million, and same-store sales rose 4.8%.
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Reports have Wal-Mart exploring Brazilian deal
New York City -- Wal-Mart Stores is again looking into a possible deal to buy Carrefour’s Brazilian unit, according to reports by Bloomberg News and The Wall Street Journal.
According to the reports, the acquisition would enhance Wal-Mart’s position in Latin America.