(Filed Under Financial and General Interest News). Nordstrom Inc. reported a 20 percent rise in net earnings to $175 million, or 80 cents, from $146 million, or 66 cents a share, in the prior year’s period. The retail chain attributed its successful quarter to three of five annual promotional sales — its mid-July anniversary sale, which allows shoppers to snag new merchandise at discounted rates, as well as the half-yearly sales for men and women on clearance items.
The company reported that the South and Midwest were among the best performing regions, with sales of cosmetics, shoes and designer apparel showing growth. Net sales jumped 12.4 percent to $2.72 billion, up from $2.42 billion in 2010. Same-store sales rose 7.3 percent.
Nordstrom Rack net sales increased 23.4 percent to $92 million with same-store sales up 4.8 percent. The company has plans to open 17 total Nordstrom Rack stores this year and approximately 13 stores in 2012.
Seattle-based Nordstrom, Inc. currently operates 213 stores in 29 states.
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