Nordstrom posts strong holiday sales
Department store chain Nordstrom has seen a boost in sales during the holiday season buoyed by greater consumer confidence, lower unemployment and e-commerce growth.
Nordstrom posted a 2.5 per cent increase in net sales and a 1.2 per cent increase in same store sales for the nine weeks ending December 30, 2017 compared to the previous corresponding period.
For the Nordstrom brand, including US and Canada full-line stores and Nordstrom.com, net sales when combined with Trunk Club, increased 0.7 per cent and comparable sales increased 1.0 per cent. In the Nordstrom Rack brand, which consists of Nordstrom Rack stores and Nordstromrack.com/HauteLook, net sales increased 8.2 percent and comparable sales increased 2.9 per cent.
Based on holiday results, the company has updated its fiscal 2017 expectations for an increase in net sales of approximately 4.2 per cent, inclusive of the 53rd week, and an increase in comparable sales of approximately 0.5 per cent.
The retailer announced it is expecting full-year earnings per diluted share to be in a range of $2.90 to $2.95, compared with its prior outlook of $2.85 to $2.95.
The company is scheduled to report its fourth quarter and full-year 2017 financial results after the close of the financial markets on March 1.
Nordstrom has also recently announced the president of its Rack brand, Karen McKibbin, will retire in March.
McKibbin joined Nordstrom in 1985 and has held many leadership roles within the company, including president of Nordstrom Canada, where she led the first-ever international expansion of Nordstrom’s full line stores.
“We are indebted to Karen for the many contributions she’s made over her more than 30-year career with Nordstrom,” said Blake Nordstrom, co-president of Nordstrom, Inc. “During her long tenure, Karen brought great depth of experience to her various roles including president of Canada, president of Nordstrom Rack, and a member of the Executive Team. Her leadership will be missed across the company and we wish her all the best in her next endeavor.”
Geevy Thomas, chief innovation officer, will succeed McKibbin.
Thomas, who joined Nordstrom in 1983, has held numerous senior leadership positions throughout the organisation and served as president of Nordstrom Rack from 2010 to January 2017.
* This story first appeared on sister site Inside Retail New Zealand.