Feb 23, 2017 09:09 PM EST
US upscale department store chain, Nordstrom Inc., has posted growth in fourth quarter earnings that exceeded analysts' expectations, the retailer announced.
Nordstrom reported earnings of $201 million, or $1.15 per share, for the quarter ending Jan. 28, exceeding the $1.13 per share analysts surveyed were anticipating. Excluding the fourth quarter tax effect of the Trunk Club goodwill impairment, adjusted earnings per diluted share was $1.37.
The Seattle-based chain reported a 2.4 percent increase in company net sales to $4.2 billion for the quarter compared with the $4.1 billion net sales it posted during the previous corresponding period.
Earnings before interest and taxes (EBIT) was $424 million, up from the $324 million from the previous corresponding period. Total company comparable sales decreased 0.9 percent for the quarter.
The fashion specialty retailer posted a retail EBIT increase of $84 million compared with the prior quarter the previous year, reflecting non-operational items in 2016 and 2015. Excluding these items, Retail EBIT increased $12 million of 3.3 percent.
Nordstrom's full year net earnings were $354 million, a decrease from the $600 million for the same period in fiscal 2015. EBIT was $0.8 billion compared to the $1.1 billion from the previous corresponding period.
The company reached record sales of $14.5 billion in 2016, achieving the following milestones in executing its growth plans: continued market expansion into Canada for a total of five full-line stores, including two Toronto store openings in fall 2016, contributed $300 million in the retailer's total sales; Nordstrom.com sales has reached over $2.5 billion, which represents approximately 25 percent of Nordstrom's full-price sales. Nordstrom Rack sales also grew 11 percent to $4.5 billion, boosted by 21 new store openings and 32 percent online growth.
The retailer announced on Feb. 21 that SPACE at Nordstrom will introduce "The Lab," an incubator project to showcase and support new designers in select stores and online.
"The Lab" project, which was conceived and curated by Olivia Kim, vice president of Creative Projects at Nordstrom, will present five designers selected for the inaugural season: Eckhaus Latta, Vejas, Eric Schlösberg, A.W.A.K.E. and Dilara Findikoglu.
The meal delivery company has expanded beyond Britain to 13 other markets, including Australia, France, Hong Kong and Kuwait
The University of Portsmouth is helping its students build a strong personal brand to increase their confidence and enhance their employability.
When it comes to pitching business ideas to potential investors, an entrepreneur's excitement and enthusiasm can be the difference between dreams taking shape or ultimately falling flat.
What is a social media firm worth? Following how retail investors pay attention to company tickers is one piece of the puzzle. In a new study published in International Journal of Economics and Finance, a finance scholar from Michigan Technological University delves into the pricing behavior of social media firms. The study found that investors pay attention to social media stocks over other company stocks.
President Trump on Friday announced the first concrete deal with China to come out of nearly three months of trade talks - a deal to prevent currency manipulation.
Europe's largest economy offered mixed signals on Friday that suggest it's down but not out.
New research finds that despite regulations, CEOs control information release and may do so for their own financial gain
Normally, it's good to believe in yourself. But research from Indiana University's Kelley School of Business indicates that it can be bad advice for amateurs investing online in unregulated, sometimes risky, equity crowdfunded ventures.