Nordstrom FY17 net sales improve 4.4 percent

Nordstrom, Inc. reported fourth quarter earnings per diluted share of 0.89 dollar, which included impacts associated with corporate tax reform consisting of a 0.25 dollar. Net sales for the quarter increased 8.4 percent, inclusive of approximately 220 million dollars related to the 53rd week, and comparable sales increased 2.6 percent. For fiscal 2017, earnings per diluted share were 2.59 dollars, including corporate tax reform-related reductions of 0.31 dollars. Net sales increased 4.4 percent and comparable sales increased 0.8 percent to15.1 billion dollars.

The company said, Nordstrom experienced continued positive customer trends, reflecting customer growth of 4 percent to 33 million. Generational investments, which include Nordstromrack.com/HauteLook, Canada and Trunk Club, contributed 1.5 billion dollars in sales. The Nordstrom Rack off-price business gained six million new customers and Nordstrom Rewards customers increased by 35 percent to 10.5 million. Sales from Nordstrom Rewards customers represented 51 percent of sales, an increase from 44 percent in 2016.

Nordstrom’s Q4 and FY17 performance

Fourth quarter net earnings were 151 million dollars and EBIT was 350 million dollars or 7.6 percent of net sales, compared with net earnings of 201 million dollars and EBIT of 424 million dollars or 10 percent of net sales for the same period in fiscal 2016.

In the Nordstrom brand, which includes US and Canada full-line stores, Nordstrom.com and Trunk Club, net sales increased 6.4 percent and comparable sales increased 2.4 percent. Across US full-line stores and Nordstrom.com, the top-performing merchandise categories were kids' and men's apparel. In the Nordstrom Rack brand, net sales increased 15 percent and comparable sales increased 3.7 percent.

Retail gross profit, as a percentage of net sales, of 35.6 percent decreased 42 basis points compared with the same period in fiscal 2016, primarily due to higher occupancy expenses related to new store growth for Nordstrom Rack, Canada and the New York City Men's flagship.

Full year net earnings were 437 million dollars and EBIT was 926 million dollars or 6.1 percent of net sales, compared with 354 million dollars and EBIT of 805 million dollars or 5.6 percent of net sales, for the same period in fiscal 2016. Total company comparable sales for the fiscal year 2017 increased 0.8 percent. Retail gross profit, as a percentage of net sales, of 34.7 percent decreased 18 basis points compared with fiscal 2016 primarily due to higher occupancy expenses related to new store growth for Nordstrom Rack and Canada.

FY18 comparable sales expected to rise between 0.5 to 1.5 percent

For fiscal 2018, the company expects net sales to be in the range of 15.2 to 15.4 billion dollars, comparable store sales to increase between 0.5 percent to 1.5 percent, EBIT in the range of 885 to 940 million dollars and earnings per diluted share between 3.30 dollars to 3.55 dollars.

Nordstrom has announced plans to open new stores in fiscal 2018, consisting of one new full-line store, 12 new Nordstrom Rack stores and one Nordstrom Rack store relocation.

Picture:Nordstrom website

 
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