Nordstrom Inc. late Thursday met expectations with a 39 percent jump in second-quarter earnings as healthy increases in sales in its other operations more than offset a slight decline in same-store sales at Nordstrom Rack.
For the three months ended July 31, net income was $146 million, or 66 cents a diluted share, compared with $105 million, or 48 cents, a year ago. Boosting the bottom line was a $12 million reduction in selling, general and administrative expenses for its credit operations, much of it attributable to a $15 million cut in its reserve for bad debt, a reflection of improved credit trends. Delinquencies dropped to 3.5 percent of accounts receivable from 4.2 percent at the end of the first quarter and 3.6 percent a year ago.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)