Nordstrom avoids the department store doldrums

In a week in which many of the nation's major department stores reported disappointing financial results, Nordstrom showed once again how to drive sales growth.

The Washington-based retailer reported that total sales rose 9.2% from the same quarter in 2014, while same store sales rose 4.9%. The company posted a profit of $211 million, or $1.09 a share, compared with $183 million, or 95 cents a share, a year earlier.Revenue, which includes revenue from its credit cards, rose 9% to $3.7 billion.

Nordstrom's profit included a $51 million gain related to the sale of its U.S. credit card portfolio to Toronto-Dominion Bank. The company says it expects to get about $1.8 billion from the deal.

"The company's second quarter performance, which was in-line with company expectations, reflected the execution of its customer strategy and continued top-line strength fueled by its growth investments," the company said in a statement.

Looking ahead, Nordstrom projects profit of $3.85 to $3.95 a share with net sales increasing 8.5% to 9.5% and same store sales up 3.5% to 4.5% for the third quarter.

Nordstrom plans to open its third store in Canada in September, part of a planned six-store expansion in that country. It also plans to open a slew of off-price stores starting in the fall of 2017.

Nordstrom operates 304 stores in 38 states and Canada.