Nordstrom Q4 profit up 20%; upbeat for 2013
SEATTLE — Nordstrom Inc. on Thursday reported that its fourth-quarter profit rose 20% to $284 million, compared to $236 million a year earlier. The company also forecast further increases in same-store sales for its new fiscal year.
Revenue for the three months ended Feb. 2 rose 13.5% to $3.6 billion, from $3.17 billion. Same-store sales, which consist of the full-line and direct businesses, rose 6.3%.
Direct sales surpassed $1 billion dollars this year for the first time in Nordstrom’s history, driven by a same-store sales increase of 31% in the fourth quarter on top of last year’s increase of 35% for the same period. Direct sales growth continues to outpace the overall company, reflecting ongoing initiatives to improve the customer experience online, Nordstrom said.
The company said Nordstrom Rack, which opened 15 stores in fiscal 2012, continued to demonstrate strong sales growth in the fourth quarter with a 23% increase in net sales. Same-store sales increased 7.1% for the Rack, its largest fourth quarter increase in the last six years.