(Filed Under Financial and General Interest News). Nordstrom, Inc. reported net sales of $2.14 billion during the recent second quarter, a 6.2 percent drop from sales of $2.29 billion during last year’s quarter. According to the company, this decrease exceeded its estimates.
The company reported that the second quarter is typically its second largest quarter a year in terms of net sales, since it contains three of the company’s five annual sales events: the half-yearly sale for women and kids, the half-yearly sale for men, and the anniversary sale. The company stated: “solid execution of the Anniversary sale combined with disciplined inventory and expense management allowed the company to exceed its earning plans.”
For the anniversary event, sales at full-line stores dropped 6.6 percent. Same-store sales decreased 9.8 percent, with full-line same-store sales dropping 12.3 percent and Nordstrom Direct sales increasing by 3.5 percent. Sales in Nordstrom Rack, the company’s off-price chain, grew 0.8 percent.
For the fiscal year 2009, Nordstrom expects same-store sales to drop 9 to 12 percent. During the upcoming third quarter, the company plans to open one full-line and six Nordstrom Rack stores.
Founded in 1901, Nordstrom, Inc. currently operates 175 stores in 28 states including 111 full-line stores, 61 Nordstrom Rack stores, two Jeffrey boutiques, and one clearance store, as well as an e-commerce website.
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