Nordstrom doubles Q4 profit on strong holiday showing

Seattle Nordstrom reported Tuesday that it earned $172 million in the quarter ended Jan. 30, compared with a profit of $68 million in the year-ago period. The results just missed Wall Street forecasts.

The retailer carried fewer inventory in the quarter, which it says helped its fourth-quarter showing.

Nordstrom's total fourth-quarter revenues rose to $2.64 billion from $2.39 billion in the year-ago period. Analysts expected revenue of $2.53 billion.

"We are seeing more regular-price selling as customers continue responding to our newness, value and quality," said Blake Nordstrom, president. He added that he believes shoppers will "remain cautious."

Same-store sales rose 3.9%. At its Nordstrom Rack discount stores, the figure rose 4.6% and same-store sales soared 32.1% at Nordstrom Direct, the company's e-commerce division.

Nordstrom said it plans to open three regular-price stores and 16 Nordstrom Rack stores in 2010.