Associated Press
SEATTLE — Clothing retailer Nordstrom Inc. said Thursday that earnings for the fourth quarter nearly doubled despite a slight drop in net sales.
For the quarter ended Jan. 31, Nordstrom earned $50.7 million, or 38 cents a share, compared with earnings of $27 million, or 20 cents a share, in the same period last year.
The year-ago earnings included a one-time charge of $1.7 million, or 1 cent a share.
Net sales for the quarter were $1.63 billion, compared with $1.66 billion in the year-ago period.
The results narrowly beat the expectations of analysts polled by Thomson Financial/First Call and were at the high end of Nordstrom’s own expectations, which were revised upward earlier this month.
Nordstrom President Blake Nordstrom said the results showed improvement in expense management and inventory control.
"During the past fiscal year, we have worked hard to lay the groundwork for sustainable improvement in performance, and believe that progress has been made," Nordstrom said in a statement.
But despite its belt-tightening, Nordstrom was not immune to the quarter’s economic turbulence. Same-store sales, typically a key indicator of how well a retailer is doing, dropped 3.4 percent during the all-important holiday sales quarter.
For the year ended Jan. 31, Nordstrom had net earnings of $124.7 million, or 93 cents a share, a considerable improvement over earnings of $101.9 million, or 78 cents a share, in the year-ago period.
Net sales for the 12-month period were $5.63 billion, compared with $5.53 billion a year ago.
Shares in Nordstrom were up 28 cents to close at $25.38 in trading Thursday on the New York Stock Exchange
Copyright ©2002 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Talk to us
> Give us your news tips.
> Send us a letter to the editor.
> More Herald contact information.
