January 24, 2021

Nordstrom Outperforms Peers

Nordstrom Inc., continuing to outperform its department store competition, said total sales rose 3.5 percent and comparable sales increased 1.7 percent in the second quarter, though earnings slipped slightly.
Net earnings were $110 million and earnings before interest and taxes were $217 million, or 5.8 percent of net sales, compared with net earnings of $117 million and EBIT of $221 million, or 6.1 percent of net sales, during the same period in fiscal 2016.
Total company sales reached $3.7 billion, compared with $3.6 billion during the same period in fiscal 2016.
The company’s Anniversary Sale, historically its largest event of the year, performed better than recent trends, Nordstrom said. Proprietary labels represented three of the top five selling brands during the Sale.
In other results, online sales grew 20 percent at nordstrom.com, including its largest volume day in company history, and 27 percent at Nordstromrack.com/HauteLook.
Retail EBIT decreased $27 million compared with the same quarter last year, primarily reflecting planned technology, occupancy and supply chain expenses.
The Nordstrom brand, including U.S. and Canada full-line stores and Nordstrom.com, sales when combined with Trunk Club, increased 2.4 percent and comparable sales increased 1.4 percent. The top-performing merchandise categories were women’s apparel and beauty. The East was the top-ranking

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