Nordstrom (ticker: JWN, exchange: New York Stock Exchange (.N))
News Release -
Nordstrom Reports December SalesSEATTLE, Jan 08, 2009 /PRNewswire-FirstCall via COMTEX News Network/ -- Nordstrom, Inc. (NYSE: JWN)
today reported preliminary sales of $1.13 billion for the five-week period
ended January 3, 2009, a decrease of 8.0 percent compared with sales of $1.22
billion for the five-week period ended January 5, 2008. Same-store sales for
December decreased 10.6 percent compared with the same period in fiscal 2007.
Preliminary quarter-to-date sales of $1.83 billion decreased 9.6 percent
compared with sales of $2.03 billion during the same period in fiscal 2007.
Quarter-to-date same-store sales decreased 12.7 percent compared with the same
period in fiscal 2007.
Preliminary year-to-date sales of $7.80 billion decreased 6.5 percent
compared with sales of $8.34 billion for the same period in fiscal 2007.
Year-to-date same-store sales decreased 8.9 percent compared with the same
period in fiscal 2007.
While sales trends have been challenging, Nordstrom's holiday sales
performance exceeded its expectations. The company continues to make the
appropriate inventory adjustments and expects inventory levels to be more
aligned with current sales trends by the end of the fiscal year. As a result
of higher than expected competitive markdown pressure across the industry, the
company now expects that its earnings per share for the fourth quarter will
not meet its previously announced outlook of $0.35 to $0.45.
To hear Nordstrom's pre-recorded December sales message, please dial
800-891-8250 or 402-220-6036. This recording will be available for one week.
DECEMBER SALES RESULTS
(unaudited; $ in millions)
Total Sales Same-store Sales(2)
Fiscal Fiscal Increase/ Full-line Rack
2008 2007(1) (Decrease) Total Stores Stores
December $1,125 $1,223 (8.0%) (10.6%) (12.8%) (1.8%)
Quarter-to-date $1,833 $2,028 (9.6%) (12.7%) (15.3%) (1.3%)
Year-to-date $7,803 $8,342 (6.5%) (8.9%) (12.1%) 3.5%
Number of stores 1/03/09 1/05/08
Full-line 109 101
Rack and other 60 55
Total 169 156
Gross square footage 21,876,000 20,502,000
(1) Fiscal 2007 year-to-date total sales results include sales from the
company's domestic Faconnable boutiques through October 31, 2007 and
sales from the company's international and wholesale Faconnable
business through August 31, 2007.
(2) Same-store sales results exclude sales from Faconnable.
Future Reporting Dates
Nordstrom's financial release calendar for the next three months is
currently planned as follows:
January Sales Release Thurs., February 5, 2009
Fourth Quarter Earnings Release Mon., February 23, 2009
February Sales Release Thurs., March 5, 2009
March Sales Release Thurs., April 9, 2009
Nordstrom, Inc. is one of the nation's leading fashion specialty
retailers, with 169 stores located in 28 states. Founded in 1901 as a shoe
store in Seattle, today Nordstrom operates 109 full-line stores, 56 Nordstrom
Racks, two Jeffrey boutiques, and two clearance stores. In addition,
Nordstrom serves customers through its online presence at
http://www.nordstrom.com and through its catalogs. Nordstrom, Inc. is
publicly traded on the NYSE under the symbol JWN.
Certain statements in this news release contain or may suggest
"forward-looking" information (as defined in the Private Securities Litigation
Reform Act of 1995), including the company's expected monthly financial result
and anticipated earnings results for the fourth quarter. Such statements are
based upon the current beliefs and expectations of the company's management
and are subject to significant risks and uncertainties. Actual future results
and trends may differ materially from historical results or current
expectations depending upon factors including, but not limited to the impact
of deteriorating economic and market conditions and the resultant impact on
consumer spending patterns, the company's ability to respond to the business
environment and fashion trends, the competitive pricing environment within the
retail sector, effective inventory management, the effectiveness of planned
advertising, marketing, and promotional campaigns, successful execution of the
company's store growth strategy including the timely completion of
construction associated with newly planned stores, relocations and remodels,
all of which may be impacted by the financial health of third parties, the
company's compliance with applicable banking and related laws and regulations
impacting the company's ability to extend credit to its customers, the
company's compliance with information security and privacy laws and
regulations, employment laws and regulations and other laws and regulations
applicable to the company, successful execution of the company's multi-channel
strategy, the company's ability to safeguard its brand and reputation,
efficient and proper allocation of the company's capital resources, successful
execution of the company's technology strategy, trends in personal
bankruptcies and bad debt write-offs, availability and cost of credit, changes
in interest rates, the company's ability to maintain its relationships with
its employees and to effectively train and develop its future leaders, the
company's ability to control costs, risks related to fluctuations in world
currencies, weather conditions and hazards of nature that affect consumer
traffic and consumers' purchasing patterns, and the timing and amounts of
share repurchases by the company. For additional information regarding these
and other risk factors, please refer to the company's SEC reports, including
its Form 10-K for the fiscal year ended February 2, 2008 and its Form 10-Q for
the fiscal quarter ended November 1, 2008. The company undertakes no
obligation to update or revise any forward-looking statements to reflect
subsequent events, new information or future circumstances.
INVESTOR CONTACT: Chris Holloway
MEDIA CONTACT: Brooke White
SOURCE Nordstrom, Inc.