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Nordstrom Q1 profit misses but sales beat; opening 32 stores in 2015


Seattle – Nordstrom Inc. missed Wall Street expectations with declining profit in the first quarter of fiscal 2015, although the department store retailer beat expectations for sales, aided by impressive e-commerce results.

Net earnings were $128 million, down 8% from $140 million the same quarter the prior year. The impact of the Trunk Club acquisition in August 2014 and ongoing entry into Canada reduced earnings.

Sales rose 9.8% to $3.1 billion, compared with $2.8 billion in the year ago period. This included 20% net sales growth at, primarily driven by continued expansion of merchandise selection, as well as more than 50% sales growth in

Same-store sales, including, increased 4.4%.

Nordstrom plans to open a total of five full-line stores (including two in Canada) and 27 Nordstrom Rack stores, in fiscal 2015.

The company also plans to open a full-line store in Norwalk, Connecticut in 2018 and Nordstrom Rack stores in Virginia Beach, Virginia, Novi, Michigan and Pittsburgh, in 2016.

During the full fiscal year, Nordstrom expects net sales growth of 7%-9% and same-store sales growth of 2%-4%.

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