Nordstrom Web sales fall, catalog losses shrink

Seattle-based fashion cataloger/retailer Nordstrom (NYSE: JWN – news) today reported net earnings of $50.7 million, or $0.38 per diluted share, for the fourth quarter of its 2001 fiscal year. For the fourth quarter of 2000, net earnings and earnings per share were $27.0 million and $0.20, respectively. Last year’s fourth quarter earnings included an impairment charge of $1.7 million (pre-tax) related to the write-down of the company’s 1998 investment in Streamline, which reduced earnings for the quarter $0.01 per share.

Net sales for the fourth quarter of 2001 declined 1.5%, to $1.6 billion, compared to sales of $1.7 billion in the same period in 2000. Sales in comparable stores decreased 3.4%.

Fourth quarter selling, general and administrative expenses declined $25.4 million from the same period last year, decreasing from 29.8% of sales in the fourth quarter last year to 28.8% of sales this year. Net earnings and earnings per share for the 12-month period ended Jan. 31, 2002, were $1.24 billion and $0.93 respectively, compared to net earnings and earnings per share of $1.9 billion and $0.78 for the same period in 2000. Non-recurring, pre-tax charges of $56.0 million, or $0.26 per share, were included in 2000 year-to-date results.

Fiscal 2001 net sales of $5.6 billion increased 1.9% from fiscal 2000. Comparable-store sales in fiscal 2001 declined 2.9%. The impact of calendar variations was negligible. Fourth quarter 2001 sales and pre-tax operating earnings/loss of the company’s Nordstrom.com subsidiary, which includes the Internet and catalog businesses, were $78.3 million and $.2 million, respectively, compared to $87.5 million and ($4.7 million), respectively, for the same period in 2000. Year-to-date 2001 sales for Nordstrom.com were $2.7 billion and ($8.1 million), respectively, compared to $3.10 billion and ($29.4 million), respectively, for the same period in 2000.

Partner Content

The Gift of Wow: Preparing your store for the holiday season - Netsuite
Being prepared for the holiday rush used to mean stocking shelves and making sure your associates were ready for the long hours. But the digital revolution has changed everything, most importantly, customer expectations. Retailers with a physical store presence should be asking themselves—what am I doing to wow the customer?
3 Critical Components to Achieving the Perfect Order - NetSuite
Explore the 3 critical components to delivering the perfect order.
Streamlining Unified Commerce Complexity - NetSuite
Explore how consolidating multiple systems through a cloud-based commerce platform provides a seamless experience for both you, and your customer.
Strategies for Maximizing Mobile Point-of-Sale Technology - NetSuite
Learn the top five innovative ways to utilize your mobile POS technology to drive customer engagement, increase sales and elevate your brand.