World Footwear

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Better than expected results posted by Nordstrom

Nov 22, 2016 United States
Better than expected results posted by Nordstrom
The US-based retailer reported third quarter results exceeding expectations, reflecting continued strength in inventory and expense execution
Total company net sales for the quarter increased by 7.2% and comparable sales increased by 2.4%, compared with the same period last year. Combined second and third quarter comparable sales increased by 0.4% compared with the same period last year.

"We've made considerable changes in the way we operate to improve the customer experience while increasing our productivity", commented Blake Nordstrom, Co-President, adding: "We are particularly proud of our team's efforts to align inventories and improve our operating efficiencies. These outcomes have positively impacted our operating results".

In the Nordstrom brand, including US and Canada full-line stores and Nordstrom.com, net sales when combined with Trunk Club, increased by 2.4% and comparable sales increased by 0.9%.

Retail gross profit, as a percentage of net sales, of 34.8% increased 93 basis points compared with the same period in fiscal 2015. This reflected strong inventory execution, which resulted in net sales growth outpacing inventory growth, in addition to leverage of buying and occupancy costs.

In fiscal 2016, and to date, the company opened 26 stores, relocated three stores and closed one store.

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