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cheapbag214s · Posted: Wed 0:42, 04 Sep 2013 Post subject: Nordstrom's Earnings Improve

Nordstrom's Earnings Improve
Nordstrom Inc. (JWN), a leading fashion specialty retailer,[link widoczny dla zalogowanych], reported fiscal 2009 fourth quarter earnings of $172 million or 77 cents per share compared to $68 million or 31 cents in the yearago quarter. The quarterly earnings marginally missed the Zacks Consensus Estimate by a penny (conference call transcript here).
For fiscal 2009,[link widoczny dla zalogowanych], Nordstrom reported earnings of $441 million or $2.01 per share versus $401 million or $1.83 per share in the previous fiscal year. The fiscal earnings beat the Zacks Consensus Estimate by 5 cents.
During the quarter, net sales increased 10.3% yearoveryear to $2.54 billion,[link widoczny dla zalogowanych], while total revenue rose 10.5% to $2.64 billion. The increase in sales was primarily due to an improved merchandise offering. Samestore sales during the quarter increased 6.9% compared to the yearearlier quarter, as most of the company merchandise categories generated positive samestore sales.
Samestore sales of Nordstrom Rack increased 4.6% in the fourth quarter compared with the same period in fiscal 2008. Gross profit of the company (as a percentage of net sales) increased approximately 530 basis points during the quarter due to improvement in merchandise margin. Furthermore,[link widoczny dla zalogowanych], Nordstrom improved its inventory position during the quarter and ended the year with an inventory turn of 5.4,[link widoczny dla zalogowanych], the highest in its recent history.
Selling, general and administrative expenses increased $56 million during the quarter due to higher expenses related to new store openings,[link widoczny dla zalogowanych], and higher variable expenses. However,[link widoczny dla zalogowanych], growth in revenues and higher gross margin more than offset the increase in operating expenses. Consequently, Nordstrom recorded a strong 98.7% growth in operating income to $310 million from $156 million in the yearago period.
At yearend 2009,[link widoczny dla zalogowanych], Nordstrom had cash and equivalents of $795 million and longterm debt of $2.3 billion, compared to $72 million of cash and $2.2 billion of longterm debt in the yearago period. The company opened 3 fullline stores and 13 Nordstrom Rack stores since fourth quarter 2008, increasing its retail square footage by 0.9 million, or 4.1%.
During fiscal 2010,[link widoczny dla zalogowanych], Nordstrom plans to open 3 fullline stores. The company expects samestore sales to increase 2.0% to 4.0% during fiscal 2010, with earnings in the range of $2.35 to $2.55 per share. Management further intends to continually align the key drivers of its business (inventory, expenses,[link widoczny dla zalogowanych], working capital and capital expenditures) to improve its profitability and augment free cash flow during the next fiscal.
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