Nordstrom Profits Higher in Fourth Quarter
SEATTLE (AP) _ Nordstrom Inc. said Tuesday that fourth-quarter profits rose 22 percent due to a strong Christmas season and fewer markdowns.
In the three months ended Jan. 31, the retailer earned $61 million, or 74 cents a share, compared with $50 million, or 61 cents a share, in the same period a year earlier. Sales rose 3.6 percent to $1.11 billion from $1.07 billion.
Profits were boosted by gains in sales and reduced markdowns on merchandise inventories, executive said.
″We’re buying much better merchandise, and we’re selling it through,″ rather than having to lower prices, said controller Bill Breitenstein.
Same store sales rose 5.3 percent in November and 4.1 percent in December, but fell 2.8 percent in January for an overall gain of 3.1 percent for the quarter.
During the year, the number of stores increased by two to 74. Nordstrom has about 30,000 employees in 11 states. About half its business is in California.
For the year, Nordstrom earned $140.4 million, or $1.71 a share, compared with $136.6 million, or $1.67 a share, in 1992. Sales rose to $3.59 billion from $3.42 billion.
Same store sales were up 2.7 percent for the year.