NORDSTROM REPORTS SALES GAINS IN FIRST QUARTER
Nordstrom had a great first quarter with net sales increasing 5.8 percent over last year.
The Seattle-based department store reported net earnings of $87 million in the first quarter compared to $63 million the same time last year. The retailer said it was larger due to the shift of its Nordstrom Rewards loyalty event into the first quarter.
In its full-price stores, which consists of Nordstrom U.S. full-line stores, Nordstrom.com, the Canadian operation, Trunk Club, Jeffrey and Nordstrom Local, comparable sales increased 0.7 percent. The top-ranking merchandise categories were kids’ apparel and men’s apparel.
In its off-price stores, which consists of Nordstrom U.S. Rack stores, HauteLook, and Last Chance clearance stores, comparable sales increased 0.4 percent.
The company continues to invest in new market opportunities and digital capabilities to drive customer engagement and market share gains. During the quarter, the company reached a significant milestone in its history with the opening of the Nordstrom Men’s Store in New York City, and expanded its presence in Canada with the introduction of Nordstrom Rack, opening three stores in the Toronto and Calgary markets.
The company also increased sales enabled through digital capabilities by 18 percent in the first quarter, compared with the same period in 2017. Digitally enabled sales represented 29 percent of first quarter sales, up from 25 percent a year ago.
