MOSS ADAMS CAPITAL: Apparel and foowear market monitor highlights notable deals, stock prices and results.
Details on Industry Insight.
Same-store sales rose 2.2 percent
Adjusted earnings rose 7 percent to $145 million (excluding the sale of Facconable division)
Total sales rose 5.3 percent to $2 billion
Strong departments: designer, accessories and men's
Weak departments: Women's apparel at better price points
Best regions: South, Midwest, Northwest
It cleared out excess inventory in women's during the quarter.
It has observed an uptick in credit card delinquencies but still below industry averages.
Nordstrom will open eight new full-line stores in 2008 and remodel another.
Nordstrom lowered Q4 same-store sales guidance to flat, down from a 2 to 3 percent increase.
The company lowered guidance because it saw slower sales in August, September and October.