Nordstrom Fourth Quarter Earnings Increase 74 Percent SEATTLE, Feb.
19 /PRNewswire-FirstCall/ -- Nordstrom, Inc. today reported net
earnings of $104.3 million, or $0.74 per diluted share, for the
fourth quarter of 2003, which ended January 31, 2004. For the same
period last year, net earnings and earnings per diluted share were
$60.0 million and $0.44, respectively. (Logo:
http://www.newscom.com/cgi-bin/prnh/20001011/NORDLOGO ) On a
comparable 4-5-4 basis, total sales for the fourth quarter of 2003
increased 12.0 percent, to $1.9 billion, compared to sales of $1.7
billion in the same period last year. Fourth quarter 2003
same-store sales increased 8.5 percent. FOURTH QUARTER HIGHLIGHTS
The company's key strategic initiatives continue to generate
operating improvements, resulting in a 74 percent increase in
fourth quarter earnings compared to the prior year. -- Same-store
sales increased 8.5 percent; better than the company's plan of a
two to four percent increase. -- Gross profit improved 350 basis
points, driven by strong sell through and significant improvement
in markdowns. -- Selling, general and administrative expenses
increased 50 basis points as a result of higher than expected
performance based incentive compensation expense. All other expense
components continue to trend favorably, collectively improving 100
basis points. FULL YEAR RESULTS Fiscal 2003 net earnings and
earnings per share for the period ended January 31, 2004, were
$242.8 million and $1.76, respectively, compared to net earnings
and earnings per share of $90.2 million and $0.66 for the same
period in fiscal 2002. Excluding $71.0 million (net of tax) in
non-recurring and impairment charges(1), fiscal 2002 net earnings
and earnings per diluted share were $161.3 million and $1.19,
respectively. 2003 earnings increased 51 percent over 2002,
excluding non-recurring and impairment charges, reflecting
continuing improvement in all key areas of the business. Ongoing
refinement of the merchandise assortments, coupled with better
disciplines in inventory planning and control, have resulted in
stores having more of the right merchandise. The company saw the
strongest comp-store sales and gross margin performance in ten
years, and expenses improved on a percent to sales basis for the
third consecutive year. On a comparable 4-5-4 basis, 2003 total
sales of $6.5 billion increased 8.6 percent from the same period in
2002. Full year same-store sales increased 4.3 percent. GAAP SALES
PERFORMANCE The additional information provided in this section is
to comply with the Securities and Exchange Commission's Regulation
G. The Company converted to a 4-5-4 Retail Calendar at the
beginning of 2003. This change in the fiscal calendar has resulted
in differences in the number of days included in the current period
versus the same period in the prior year. Sales performance numbers
included in this sales release have been calculated on a
comparative 4-5-4 basis. The Companybelieves that adjusting for
these differences provides a more comparable basis (4-5-4 vs.
4-5-4) from which to evaluate sales performance. The following
reconciliation bridges 2002 GAAP sales to the 4-5-4 comparable
sales. %Change %Change Sales Reconciliation QTD QTD Dollar Total
Comp ($M) 2003 2002 Increase Sales Sales Number of Days GAAP 91 92
GAAP Sales $1,932.5 $1,750.6 $181.9 10.4% 7.0% Less Nov. 1-2, 2002
sales -- ($43.7) Plus Feb. 1, 2003 sales -- $18.2 Reported 4-5-4
sales $1,932.5 $1,725.1 $207.4 12.0% 8.5% 4-5-4 Adjusted Days 91 91
%Change %Change Sales Reconciliation Dollar Total Comp ($M) FY 2003
FY 2002 Increase Sales Sales Number of Days GAAP 365 365 GAAP Sales
$6,491.7 $5,975.1 $516.6 8.6% 4.1% Less Feb. 1, 2003 ($18.2) --
Less Feb. 1-2, 2002 sales -- ($30.9) Plus Feb. 1, 2003 sales --
$18.2 Reported 4-5-4 sales $6,473.5 $5,962.4 $511.1 8.6% 4.3% 4-5-4
Adjusted Days 364 364 EXPANSION UPDATE During fiscal 2003 Nordstrom
opened four full-line stores and two Rack stores. Gross square
footage for the year increased approximately 4.0 percent, from
18,428,000 to 19,138,000. 2004 OUTLOOK The company is providing the
following 2004 forecasts: 1st Quarter 2004 Full-Year 2004
Comp-store Sales 4% - 6% increase 1% -3% increase Gross Profit (%)
Significant improvement 30-50 basis point increase Selling, General
and Administrative Expense (%) Moderate improvement 50-70 basis
point decrease Service Charge Income $3-$5 million increase $7-$9
million increase Interest Expense (see note below) $16-$18 million
increase $11-$13 million decrease Effective Tax Rate 39% 39%
Earnings per Share $0.23 - $0.28 $2.02 - $2.08 Diluted Shares
Outstanding Approx. 142 million Approx. 143 million Prior Year
Diluted EPS $0.20 $1.76 NOTE: First quarter projections include a
$16 to $18 million increase in interest expense related to the
previously announced debt retirement scheduled to take place during
the first quarter. This additional expense will lower first quarter
earnings per share approximately $0.08. This debt retirement will
lower future interest expense resulting in approximately $0.02 of
earnings benefit in each subsequent quarter. CONFERENCE CALL
INFORMATION: Company management will be hosting a conference call
and webcast to discuss fourth quarter results at 4:30pm (EST)
today. Access to the conference call is open to the press and
general public in a listen only mode. To participate, please dial,
212-547-0138 ten minutes prior to the call (passcode: NORD). A
telephone replay will be available for 48 hours beginning
approximately one hour after the conclusion of the call by dialing
800-839-4519. Interested parties may also access the call over the
Internet by visiting the Investor Relations section of the
company's corporate website at
http://about.nordstrom.com/aboutus/investor/webcasts.asp . An
archived version of the webcast will be available at this location
for 30 days. Nordstrom, Inc. is one of the nation's leading fashion
specialty retailers, with 148 US stores located in 27 states.
Founded in 1901 as a shoe store in Seattle, Nordstrom today
operates 92 full-line stores, 49 Nordstrom Racks, five U.S.
Faconnable boutiques, one freestanding shoe store, and one
clearance store. Nordstrom also operates 31 international
Faconnable boutiques, primarily in Europe. Additionally, Nordstrom
Direct serves customers through its online presence at
http://www.nordstrom.com/ and through its direct mail catalogs.
Certain statements in this news release contain "forward-looking"
information (as defined in the Private Securities Litigation Reform
Act of 1995) that involves risks and uncertainties, including
anticipated results, store openings and distribution channels,
planned capital expenditures, and trends in company operations.
Actual future results and trends may differ materially from
historical results or current expectations depending upon factors
including, but not limited to, the company's ability to predict
fashion trends, consumer apparel buying patterns, the company's
ability to control costs, weather conditions, hazards of nature
such as earthquakes and floods, trends in personal bankruptcies and
bad debt write-offs, changes in interest rates, employee relations,
the company's ability to continue its expansion plans, and the
impact of economic and competitive market forces, including the
impact of terrorist activity or the impact of a war on the company,
its customers and the retail industry. Our SEC reports may contain
otherinformation on these and other factors that could affect our
financial results and cause actual results to differ materially
from any forward-looking information we may provide. NORDSTROM,
INC. CONSOLIDATED STATEMENTS OF EARNINGS - 4th Quarter (unaudited;
amounts in thousands, except per share data and percentages)
Quarter %of sales Quarter %of sales ended (except as ended
(exceptas 1/31/04 indicated) 1/31/03 indicated) Net sales
$1,932,549 100.0 $1,750,586 100.0 Cost of sales and related buying
& occupancy (1,221,988) (63.2) (1,167,682) (66.7) Gross profit
710,561 36.8 582,904 33.3 Selling, general and administrative
expenses (562,407) (29.1) (500,461) (28.6) Operating income 148,154
7.7 82,443 4.7 Interest expense, net (17,909) (0.9) (21,435) (1.2)
Service charge income and other, net 40,801 2.1 37,326 2.1 Earnings
before income taxes 171,046 8.9 98,334 5.6 Income tax expense
(66,700) (39.0)2 (38,300) (38.9)2 Net earnings $104,346 5.4 $60,034
3.4 Earnings per share Basic $0.76 $0.44 Diluted $0.74 $0.44
ADDITIONAL DATA Average number of shares outstanding Basic 137,599
135,438 Diluted 140,690 135,838 NORDSTROM, INC. CONSOLIDATED
STATEMENTS OF EARNINGS - Full Year (unaudited; amounts in
thousands, except per share data and percentages) Year-to-Date %of
sales Year-to-Date %of sales ended (except as ended (except as
1/31/04 indicated) 1/31/03 indicated) Net sales $6,491,673 100.0
$5,975,076 100.0 Cost of sales and related buying & occupancy
(4,213,955) (64.9) (3,966,959) (66.4) Gross profit 2,277,718 35.1
2,008,117 33.6 Selling, general and administrative expenses
(1,943,715) (30.0) (1,818,381) (30.4) Operating income 334,003 5.1
189,736 3.2 Interest expense, net (90,952) (1.4) (81,921) (1.4)
Minority interest purchase -- -- (53,168) (0.9) Service charge
income and other, net 155,090 2.4 140,977 2.4 Earnings before
income taxes and cumulative effect of accounting change 398,141 6.1
195,624 3.3 Income tax expense (155,300) (39.0)2 (92,041) (47.0)2
Earnings before cumulative effect of accounting change 242,841 3.7
103,583 1.7 Cumulative effect of accounting change (net of $8,541
tax) -- -- (13,359) (0.2) Net earnings $242,841 3.7 $90,224 1.5
Earnings per share Basic $1.78 $0.67 Diluted $1.76 $0.66 ADDITIONAL
DATA Average number of shares outstanding Basic 136,329 135,107
Diluted 137,739 135,724 Investor Contact: Media Contact: Stephanie
Allen, 206-303-3262 Shasha Richardson, 206-373-3038 1. Prior
year-to-date net earnings excluding non-recurring and impairment
charges is the sum of net earnings of $90,224, the cumulative
effect of accounting change of $13,359 (net of tax), non-recurring
minority interest purchase and reintegration costs of $48,184 (net
of tax) and the write-down of the investment in a supply chain tool
of $9,498 (net of tax). 2. Percent of earnings before income taxes.
For quarter-to-date and year-to-date 2003, income tax expense as a
percent of earnings before income taxes is higher than Nordstrom's
effective tax rate as the Company did not recognize a tax benefit
from certain costs related to the minority interest purchase.
http://www.newscom.com/cgi-bin/prnh/20001011/NORDLOGO
http://photoarchive.ap.org/ DATASOURCE: Nordstrom, Inc. CONTACT:
investors, Stephanie Allen, +1-206-303-3262, or media, Shasha
Richardson, +1-206-373-3038, both of Nordstrom, Inc. Web site:
http://www.nordstrom.com/
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