NORDSTROM’S EARNINGS MEET COMPANY’S EXPECTATIONS FOR SECOND QUARTER
Seattle-based retailer Nordstrom, Inc.has reported its financial results for the second quarter ended July 29, 2017. Earnings posted at $0.65 per share, which achieved the company’s expectations.
Net sales were $3.7 billion, an increase of 3.5 percent compared with net sales of $3.6 billion during the same period in fiscal 2016. Total comparable sales for the second quarter increased 1.7 percent compared with the same quarter last year. Net earnings were $110 million and earnings before interest and taxes (“EBIT”) 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.
Overall, the company delivered strong online and off-price sales growth; for the Nordstrom Rack brand, which consists of Nordstrom Rack stores and Nordstromrack.com/HauteLook, net sales increased 9.8 percent and comparable sales increased 3.1 percent.
Nordstrom also made minimal changes to its annual outlook expectations.
