Nordstrom Reports Q4 Fiscal Earnings Loss

Seattle Nordstrom reported Monday that total sales for the fiscal fourth quarter ended Jan. 31 were $2.30 billion, a decrease of 8.5% compared to $2.51 billion for the same period in fiscal 2007. Same-store sales also slipped 12.5%, compared to the same period in fiscal 2007.

For the fiscal year 2008, net earnings were $401 million, compared to $715 million last year. Fiscal 2007 results, however, included a gain of $20.9 million, net of tax, for the sale of its Faconnable business during the third quarter of 2007. 

Total sales for the fiscal year decreased 6.3% to $8.3 billion. Nordstrom reported $8.8 billion in total sales for fiscal 2007. The chain’s fiscal 2008 same-store sales also decreased 9.0%.

While a company statement reported that Nordstrom expects same-store sales to decrease between 10% and 15% during fiscal 2009, the company does plan to expand. Nordstrom plans to open three new full-line stores and relocate one store. It will also open 10 new Nordstrom Rack stores by the fall, the statement said.