Nordstrom Second Quarter Earnings Increase 62 Percent Board
Approves Quarterly Dividend Increase of 18 Percent SEATTLE, Aug. 19
/PRNewswire-FirstCall/ -- Nordstrom, Inc. (NYSE:JWN) today reported
net earnings of $106.9 million, or $0.75 per diluted share, for the
second quarter ended July 31, 2004, ahead of company guidance of
$0.70 to $0.74. For the same period last year, net earnings and
earnings per diluted share were $65.9 million and $0.48,
respectively. Total sales for the second quarter of 2004 increased
9.4 percent, to $2.0 billion, compared to sales of $1.8 billion in
the same period last year. Second quarter same-store sales
increased 6.8 percent. (Logo:
http://www.newscom.com/cgi-bin/prnh/20001011/NORDLOGO ) SECOND
QUARTER HIGHLIGHTS Second quarter earnings increased 62 percent,
reflecting ongoing improvement in merchandise execution, inventory
management and expense control. Results can also be attributed to a
successful Anniversary Sale, as this event has a significant impact
on overall quarterly performance. The company is committed to
delivering superior fundamental performance in all aspects of its
business. -- Same-store sales were better than plan increasing 6.8
percent for the quarter. Color, newness and fashion drove strong
regular price selling across all categories and price points. -- As
a percent of sales, gross profit increased 180 basis points due to
strong sell-through resulting in lower markdowns compared to the
prior year. -- Selling, general and administrative expenses
improved 20 basis points compared to last year due to leverage on
core operating expenses. FULL YEAR RESULTS Year-to-date net
earnings increased 89 percent to $175.6 million for the period
ended July 31, 2004, compared to net earnings of $93.0 million for
the same period last year. Earnings per share for the same periods
were $1.23 and $0.68, respectively. Year-to-date total sales
increased 11.8 percent to $3.5 billion compared to prior year sales
of $3.1 billion. Same-store sales increased 9.5 percent. EXPANSION
UPDATE During the second quarter Nordstrom did not open any stores.
The company plans to open one additional store this year; a
full-line store at Dadeland Mall in Miami scheduled to open in
November. Gross square footage for the year is expected to increase
approximately 2 percent, from 19,138,000 to 19,439,000. QUARTERLY
DIVIDEND The company's Board of Directors approved a quarterly
dividend of $0.13 per share, an increase of 18 percent or $0.02 per
share from prior quarters, payable on September 15, 2004, to
shareholders of record on August 31, 2004. 2004 OUTLOOK The company
is providing the following third quarter forecast as well as
raising full-year expectations from previously stated guidance of
$2.42 - $2.46: 3rd Quarter 2004 Full-Year 2004 Comp-store Sales 1%
- 3% increase 4% - 6% increase Gross Profit (%) 20-30 basis point
increase 100-130 basis point increase Selling, General and
Administrative Expense (%) Flat to last year 70-90 basis point
decrease Service Charge Income ($) Flat to last year $11 - $13
million increase Interest Expense $11 - $12 million decrease $11 -
$13 million decrease Effective Tax Rate 39% 39% Earnings per Share
$0.35 - $0.40 $2.46 - $2.50 Diluted Shares Outstanding 145.1 144.1
Prior Year Diluted EPS $0.33 $1.76 CONFERENCE CALL INFORMATION:
Company management will be hosting a conference call and webcast to
discuss second quarter results at 4:15 p.m. (EDT) today. Access to
the conference call is open to the press and general public in a
listen only mode. To participate, please dial, 517-319-9282 ten
minutes prior to the call (passcode: NORD). A telephone replay will
be available for 48 hours beginning approximately one hour after
the conclusion of the call by dialing 866-499-4574. Interested
parties may also access the call over the Internet by visiting the
Investor Relations section of the company's corporate website at
http://about.nordstrom.com/aboutus/investor/webcasts.asp. An
archived version of the webcast will be available at this location
for 30 days. GAAP SALES PERFORMANCE The additional information
provided in this section is to comply with the Securities and
Exchange Commission's Regulation G. The company converted to a
4-5-4 Retail Calendar at the beginning of 2003. Year-to-date
results for 2003 includes one more day than the year-to-date for
2004. The company believes that adjusting for this difference
provides a more comparable basis from which to evaluate sales
performance. The following reconciliation bridges the year-to-date
2003 GAAP sales to the 4-5-4 comparable sales. % % Sales Change
Change Reconciliation YTD YTD Dollar Total Comp ($M) 2003 2004
Increase Sales Sales Number of Days GAAP 183 182 GAAP Sales
$3,120.3 $3,489.0 $368.7 11.8% 8.8% Less Feb. 1, 2003 sales ($18.2)
-- Reported 4-5-4 sales $3,102.1 $3,489.0 $386.9 12.5% 9.5% 4-5-4
Adjusted Days 182 182 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 -
2nd Quarter (unaudited; amounts in thousands, except per share data
and percentages) Quarter % of sales Quarter % of sales ended
(except as ended (except as 7/31/04 indicated) 8/2/03 indicated)
Net sales $1,953,480 100.0% $1,784,849 100.0% Cost of sales and
related buying & occupancy costs (1,270,892) (65.1%)
(1,194,429) (66.9%) Gross profit 682,588 34.9% 590,420 33.1%
Selling, general and administrative expenses (536,233) (27.4%)
(492,296) (27.6%) Operating income 146,355 7.5% 98,124 5.5%
Interest expense, net (14,091) (0.7%) (26,134) (1.4%) Service
charge income and other, net 43,002 2.2% 36,081 2.0% Earnings
before income taxes 175,266 9.0% 108,071 6.1% Income tax expense
(68,351) (39.0%)(1) (42,200) (39.0%)(1) Net earnings $106,915 5.5%
$65,871 3.7% Earnings per share Basic $0.76 $0.48 Diluted $0.75
$0.48 ADDITIONAL DATA Average number of shares outstanding Basic
140,735 135,844 Diluted 143,497 136,338 NORDSTROM, INC.
CONSOLIDATED STATEMENTS OF EARNINGS - Year-to-Date (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 7/31/04 indicated) 8/02/03 indicated) Net sales
$3,488,970 100.0% $3,120,321 100.0% Cost of sales and related
buying & occupancy costs (2,243,824) (64.3%) (2,080,524)
(66.7%) Gross profit 1,245,146 35.7% 1,039,797 33.3% Selling,
general and administrative expenses (988,967) (28.4%) (912,622)
(29.2%) Operating income 256,179 7.3% 127,175 4.1% Interest
expense, net (50,775) (1.5%) (46,362) (1.5%) Service charge income
and other, net 82,489 2.5% 71,713 2.3% Earnings before income taxes
287,893 8.3% 152,526 4.9% Income tax expense (112,251) (39.0%)(1)
(59,500) (39.0%)(1) Net earnings $175,642 5.0% $93,026 3.0%
Earnings per share Basic $1.26 $0.69 Diluted $1.23 $0.68 ADDITIONAL
DATA Average number of shares outstanding Basic 139,922 135,710
Diluted 142,741 136,016 (1) Percent of earnings before income
taxes. 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/
Copyright
Grafico Azioni Nordstrom (NYSE:JWN)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Nordstrom (NYSE:JWN)
Storico
Da Lug 2023 a Lug 2024