Nordstrom Inc. said Thursday that its second-quarter profits surged 20 percent, citing strong sales and continued progress managing inventory and improving merchandise. For the quarter ended July 29, the upscale clothing retailer earned $178.8 million, or 67 cents per share, compared with earnings of $148.9 million, or 53 cents per share, in the same period a year earlier. Nordstrom shares closed down a penny to $36.50 on the New York Stock Exchange. The stock has traded in a 52-week range of $30.41 to $42.90.
Home sales slow as prices escalate
Reflecting national trends, home sales in Washington dropped in the second quarter. But prices continued to climb at double-digit rates, the Washington Center for Real Estate Research at Washington State University reported Thursday. The statewide decline in sales of existing homes was 12.5 percent from the second quarter a year ago. “Despite a slower sales rate, the housing market is still strong,” said Glenn Crellin, director of the Pullman-based center.
Zumiez stock drops 10 percent
Zumiez Inc. reported a 12.6 percent jump in same store sales and increased its net income to $1.6 million in the second quarter, but that wasn’t good enough to escape investors’ wrath. One day after reporting quarterly results, shares of the Everett-based clothing retail chain fell $2.54 – nearly 10 percent – to close Thursday at $24.06. Though the company’s performance was in line with most expectations, some investors are nervous about how back-to-school sales will go.
Frontier board OKs stock split
The board of Everett’s Frontier Financial Corp approved a stock split, a cash dividend and a repurchase program Wednesday. The split will go to shareowners of record as of Sept 12 and will take place Sept 26. Qualifying shareowners will receive one additional share for every two shares they own, equivalent to a 50 percent stock dividend. Shareowners entitled to receive a fractional share as a result of the split will receive cash based upon the average high-low market price on the record date. The split is the eighth since the bank opened in 1978. The board also declared a 15-cent-per-share fourth-quarter cash dividend to shareowners of record as of Oct. 10 and payable Oct. 24. The board approved a stock repurchase program authorizing Frontier to repurchase up to 5 percent of its outstanding shares over the next two years. It announced that it hasn’t repurchased any shares under the plan now in existence.
SonoSite customers are highly satisfied
Bothell-based SonoSite Inc., a maker of hand-carried ultrasound machines, said an independently conducted survey of its U.S. customers showed that 97 percent are “highly satisfied” with their ultrasound units. Overall, nearly 9 of 10 customers in the survey conducted by Verispan said they are “completely” or “very satisfied.” This is the third independent customer satisfaction survey commissioned in the past 18 months by SonoSite, which faces new competition from GE’s ultrasound division.
From Herald staff and news service reports
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