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Nordstrom Inc. Message Board

  • bluecheese4u bluecheese4u May 10, 2012 7:38 PM Flag

    Nordstrom First Quarter 2012 Earnings In Line with Company Expectations

    Nordstrom First Quarter 2012 Earnings In Line with Company Expectations

    Affirms Full-Year EPS Guidance

    SEATTLE--(BUSINESS WIRE)--May. 10, 2012-- Nordstrom, Inc. (NYSE: JWN) today reported net earnings of $149 million, or $0.70 per diluted share, for the first quarter ended April 28, 2012. This represented an increase of 2.9 percent compared with net earnings of $145 million, or $0.65 per diluted share, for the same quarter last year.

    First quarter same-store sales increased 8.5 percent compared with the same period in fiscal 2011. Net sales in the first quarter were $2.53 billion, an increase of 13.7 percent compared with net sales of $2.23 billion during the same period in fiscal 2011.

    The Company affirms its outlook on full year earnings per share. Additional guidance on several key line items, including anticipated directional trends in the three remaining quarters, is provided below.

    FIRST QUARTER SUMMARY

    Nordstrom’s first quarter performance was consistent with the Company’s expectations, reflecting continued strength in same-store sales across multiple channels combined with planned significant investments in the business to improve the customer shopping experience and to enhance its platform for sustainable, profitable growth.
    • Nordstrom net sales, which include results from the full-line and Direct businesses, increased $191 million, or 10.8 percent, compared with the same period in fiscal 2011. Same-store sales increased 9.3 percent. Top-performing merchandise categories included Handbags, Women’s Shoes and Men’s Shoes.
    • Full-line same-store sales increased 5.6 percent compared with the same period in fiscal 2011. The South and Midwest regions were the top-performing geographic areas relative to the first quarter of 2011.
    • The Direct channel continued to show strong sales growth with an increase of 44.2 percent, significantly outpacing the overall Company performance and reflective of the Company’s multiple initiatives under way in e-commerce.
    •Nordstrom Rack net sales increased $91 million, or 19.6 percent, compared with the same period in fiscal 2011, with same-store sales up 6.8 percent.
    • Gross profit, as a percentage of net sales, decreased 31 basis points compared with last year’s first quarter. The decline was mostly attributable to enhancements made to the Fashion Rewards program and a reduction in shipping revenue as a result of launching free shipping and free returns for online purchases in the third quarter of 2011.
    • Retail selling, general and administrative expenses increased $110 million, or 18.0 percent, compared with last year’s first quarter. The increase was primarily due to various initiatives to improve the customer experience across all channels and specifically to grow our e-commerce business. The increase also reflected higher volume from existing and new stores.
    • In the Credit segment, customer payment rates continued to improve, resulting in favorable trends in delinquency and write-off rates. Annualized net write-offs were 4.7 percent of average credit card receivables during the quarter, down from 7.0 percent in the first quarter of 2011. Delinquencies as a percentage of credit card receivables at the end of the first quarter were 2.3 percent, down from 3.3 percent at the end of the first quarter of 2011. As a result of these improvements and our expectations for the credit portfolio performance, the reserve for bad debt was reduced by $10 million.
    • Earnings before interest and taxes increased $8 million to $280 million from $272 million in last year’s first quarter due to increased sales, partially offset by costs related to our initiatives to drive continued growth in e-commerce.
    • Return on invested capital (ROIC) for the

    http://phx.corporate-ir.net/phoenix.zhtml?c=93295&p=irol-newsArticle&ID=1694829&highlight=

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