Nordstrom’s Q3 Falls

Net earnings for the quarter fell 6.2 percent.

A Nordstrom store.

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.

Nordstrom also said comps for the full-line and direct businesses fell 0.7 percent, with cosmetics, women’s apparel and women’s shoes the top performing categories in the period. Nordstrom Rack saw sales up 16 percent, reflecting 20 store openings since the third quarter a year ago, with Rack comps gaining 3.7 percent in the current reporting period.  HauteLook sales rose 22 percent.

The company said it will open four new Rack stores and relocate one Rack store during the balance of fiscal 2013.


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