Nordstrom First Quarter Earnings Increase 153 Percent
20 Maggio 2004 - 11:05PM
PR Newswire (US)
Nordstrom First Quarter Earnings Increase 153 Percent SEATTLE, May
20 /PRNewswire-FirstCall/ -- Nordstrom, Inc. today reported net
earnings of $68.7 million, or $0.48 per diluted share, for the
first quarter of 2004, which ended May 1, 2004. For the same period
last year, net earnings and earnings per diluted share were $27.2
million and $0.20, respectively. 2004 results include $20.8 million
or $0.08 per share of interest expense related to retirement of
debt during the quarter. (Logo:
http://www.newscom.com/cgi-bin/prnh/20001011/NORDLOGO ) Total sales
for the first quarter of 2004 increased 16.6 percent, to $1.5
billion, compared to sales of $1.3 billion in the same period last
year. First quarter 2004 same-store sales increased 13.2 percent.
FIRST QUARTER HIGHLIGHTS Earnings increased 153 percent in the
first quarter compared to the same quarter last year, ahead of
expectations and reflecting ongoing fundamental improvement in
performance. The company continues to deliver operating
improvements in all aspects of its business including
merchandising, inventory productivity and expense management. --
Same-store sales increased 13.2 percent, ahead of the company's
planned four to six percent increase. -- Gross profit improved 320
basis points, driven by strong sell through and lower markdowns
compared to the prior year. -- Selling, general and administrative
expenses as a percent to sales decreased 180 basis points primarily
due to on-plan expenses leveraged by better than expected sales.
GAAP SALES PERFORMANCE The additional information provided in this
section is to comply with the Securities and Exchange Commission's
Regulation G. The company converted to a 4-5-4 Retail Calendar at
the beginning of 2003. The first quarter of 2003 includes one more
day than the first quarter of 2004. The company believes that
adjusting for this difference provides a more comparable basis from
which to evaluate sales performance. The following reconciliation
bridges the quarter-to-date 2003 GAAP sales to the 4-5-4 comparable
sales. % Change % Change Sales Reconciliation ($M) Dollar Total
Comp QTD 2003 QTD 2004 Increase Sales Sales Number of Days GAAP 92
91 GAAP Sales $1,335.5 $1,535.5 $200.0 15.0% 11.5% Less Feb. 1,
2003 sales ($18.2) -- Reported 4-5-4 sales $1,317.3 $1,535.5 $218.2
16.6% 13.2% 4-5-4 Adjusted Days 91 91 EXPANSION UPDATE During the
first quarter Nordstrom opened one full-line store at SouthPark
Mall in Charlotte, North Carolina. The company plans to open one
additional store this year; a full-line store at Dadeland Mall in
Miami scheduled to open later this fall. Gross square footage for
the year is expected to increase approximately 2 percent, from
19,138,000 to 19,439,000. 2004 outlook The company is providing the
following 2004 forecasts: 2nd Quarter 2004 Full-Year 2004
Comp-store Sales 4% - 6% increase 4% -6% increase Gross Profit (%)
Significant improvement 100-130 basis point increase Selling,
General and Administrative Expense (%) Moderate improvement 100-130
basis point decrease Service Charge Income $2-$4 million increase
$7-$9 million increase Interest Expense $11-$13 million decrease
$11-$13 million decrease Effective Tax Rate 39% 39% Earnings per
Share $0.70 - $0.74 $2.42 - $2.46 Diluted Shares Outstanding
Approx. 143 million Approx. 143 million Prior Year Diluted EPS
$0.48 $1.76 CONFERENCE CALL INFORMATION: Company management will be
hosting a conference call and webcast to discuss first quarter
results at 4:15 p.m. (EDT) 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 888-566-0046. 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 149 US stores located in 27 states.
Founded in 1901 as a shoe store in Seattle, Nordstrom today
operates 93 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
other information 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. Investor
Contact: Media Contact: Stephanie Allen, 206-303-3262 Deniz Anders,
206-373-3038 NORDSTROM, INC. CONSOLIDATED STATEMENTS OF EARNINGS --
1st Quarter (unaudited; amounts in thousands, except per share data
and percentages) Quarter % of sales Quarter % of sales ended
(except as ended (except as 5/1/04 indicated) 5/3/03 indicated) Net
sales $1,535,490 100.0% $1,335,472 100.0% Cost of sales and related
buying & occupancy costs (970,460) (63.2%) (886,095) (66.4%)
Gross profit 565,030 36.8% 449,377 33.6% Selling, general and
administrative expenses (455,206) (29.6%) (420,326) (31.4%)
Operating income 109,824 7.2% 29,051 2.2% Interest expense, net
(36,684) (2.4%) (20,228) (1.5%) Service charge income and other,
net 39,487 2.5% 35,632 2.6% Earnings before income taxes 112,627
7.3% 44,455 3.3% Income tax expense (43,900) (39.0%) (17,300)
(38.9%) Net earnings $68,727 4.5% $27,155 2.0% Earnings per share
Basic $ 0.49 $0.20 Diluted $ 0.48 $0.20 ADDITIONAL DATA Average
number of shares outstanding Basic 139,110 135,578 Diluted 141,975
135,798 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, Deniz
Anders, +1-206-373-3038, both of Nordstrom, Inc. Web site:
http://www.nordstrom.com/
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