Faced with a challenging consumer and retail environment, Nordstrom Inc. reported a drop in net earnings to $212 million, or 92 cents a diluted share, for the fourth quarter ended Feb. 2, compared to $232 million, or 89 cents, in last year’s period.
Total sales in the fourth quarter were $2.5 billion, a decrease of 4.4 percent compared to sales of $2.6 billion for the same period in fiscal 2006. Fourth quarter same-store sales decreased 0.7 percent.
The company said it made “good progress aligning inventory and expenses to sales trends” and maintains an aggressive store expansion plan.
Merchandise with the best performance were designer products across categories, accessories and women’s shoes.
For further coverage, see Tuesday’s WWD.