Nordstrom Inc. said after the markets closed that its third quarter results were impacted by a shift in the timing of the Anniversary Sale.
For the three months ended Nov. 2, net income fell 6.2 percent to $137 million, or 69 cents a diluted share, from $146 million, or 71 cents, a year ago. The company said the Anniversary Sale, historically its largest sale event of the year, occurred in the second quarter this year, compared with the second and third quarters a year ago. The company estimated that the shift increased diluted EPS in the second quarter and reduced diluted EPS in the third quarter by 6 cents. Total revenues for the period rose 2.8 percent to $2.88 billion from $2.81 billion. Revenues included a net sales gain of 2.9 percent to $2.79 billion from $2.71 billion, with the balance of revenues from its credit card business. Comparable-store sales in the quarter rose 0.1 percent.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"