Shoe sale boosts February revenue at Nordstrom

Associated Press

SEATTLE — Department store operator Nordstrom Inc. said Thursday that revenue at stores open at least a year rose a surprisingly strong 10.2 percent in February, helped by the chain’s decision to move a shoe sale up from March.

Analysts expected a 5.6 percent increase for the four weeks that ended Feb. 25, according to a survey by Thomson Reuters.

Revenue at stores open at least a year is considered a key measure of retail performance because it excludes sales at new stores or those that were closed during the last year.

The company said moving the shoe-clearance event up boosted February growth by 2 to 2.5 percentage points but will reduce the March number by 1.5 to 2 percentage points.

The projected hit for March appears to have hurt Nordstrom’s stock price, as shares fell 69 cents, or 1.3 percent, to $52.93 in morning trading.

Nordstrom said preliminary total revenue rose 16.2 percent to $704 million for February from $606 million a year ago.

In February, the company had 116 Nordstrom department stores and 108 Nordstrom Rack outlets and other locations. The total of 224 stores was up from 204 a year earlier.