Nordstrom Inc. (NYSE: JWN) today reported its results for the second
quarter, which reflected a shift in timing of the Anniversary Sale event
with one week of the event moving into the fiscal third quarter. Net
earnings were $156 million, or $0.75 per diluted share, for the second
quarter ended July 28, 2012, compared with net earnings of $175 million,
$0.80 per diluted share, for the same quarter last year.
The Anniversary Sale is historically the company's largest sale of the
year and started one week later in July relative to last year. The
company expected the event shift to cause an unfavorable comparison in
the second quarter, offset by a favorable impact in the third quarter.
Second quarter sales and Anniversary Sale results through the end of
July exceeded company expectations. Second quarter same-store sales
increased 4.5 percent compared with the same period in fiscal 2011. Net
sales in the second quarter were $2.92 billion, an increase of 7.4
percent compared with net sales of $2.72 billion during the same period
in fiscal 2011.
Second-quarter summary
Nordstrom's second quarter performance reflected top-line strength
consistent with the Company's growth strategy to elevate the customer
experience and innovate through ongoing investments.
Nordstrom net sales, which include results from the full-line and
direct businesses, increased $139 million, or 6.1 percent, compared
with the same period in fiscal 2011. Same-store sales increased 4.9
percent.
Top-performing merchandise categories included handbags,
women's shoes and cosmetics.
