Nordstrom Inc reported far better-than-expected same-store sales on Thursday, boosted by strength at its online businesses during the holiday shopping season.
The upscale Seattle-based clothing and accessories retailer said fourth-quarter net income fell to $151 million, or 89 cents per share, from $201 million, or $1.15 per share, a year earlier. Nordstrom’s adjusted earnings were $1.20, four cents shy of analysts’ average estimate, according to Thomson Reuters I/B/E/S.
The retailer said the most recent earnings were hurt by impact associated with corporate tax reform in the United States. These include a $0.25 charge mostly related to income tax, and a one-time pretax investment in Nordstrom’s employees of $16 million or $0.06, the company said.
The retailer reported a 2.6 percent increase in same-store sales for the quarter ended Feb. 3, handily beating the 1.08 percent increase expected by analysts, according to Thomson Reuters I/B/E/S. Nordstrom’s total revenue rose 8.9 percent to $4.70 billion, higher than the $4.62 billion analysts had expected.
Nordstrom, which bought back 4.6 million shares of its common stock for $206 million during the year, said it would not repurchase any shares while members of the Nordstrom family explore the possibility of a “going private transaction.”
Sources told Reuters last week that Nordstrom’s founding family group is finalizing plans to submit an offer to take the U.S. department store operator private.
Nordstrom
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