Nordstrom Makes Modest Gains

by MR Magazine Staff

SEATTLE – Nordstrom Inc. reported second quarter earnings of 71 cents per share, or $180.4 million, a modest six percent gain over last year’s 67 cents per share, or $178.8 million. Nordstrom’s total second quarter sales of $2.39 billion were a 5.2 percent gain over the second quarter of 2006’s $2.27 billion. Same store sales increased 5.9 percent, the company reported today in a financial release.

Nordstrom is anticipating the finalization of its Faconnable sale in the third quarter, and the company said in its financial release that it expects to make money on it. The company said it will treat the gain on the sale as a non-operating event.

The department store chain is planning three store openings in the third quarter of this fiscal year, in Colorado, Massachusetts, and Michigan.

Nordstrom was founded in 1901 in Seattle as a shoes store. The company operates 157 stores in 27 states, 50 of them discount Nordstrom Rack stores.