MOSS ADAMS CAPITAL: Apparel and foowear market monitor highlights notable deals, stock prices and results.
Details on Industry Insight.
Here are some details from the Nordstrom earnings release and conference call yesterday.
Q4 same-store sales: down 0.7 percent
Q4 total sales: down 4.4 percent to $2.5 billion
Q4 net income: down 8.6 percent to $212 million
2007 same-store sales: up 3.9 percent
2007 total sales: up 3.1 percent to $8.8 billion
2007 net income: up 5.5 percent to $715 million (including a $21 million gain from Facannoable sale)
Store growth plan: Nordstrom has 102 stores today, expecting 140 to 150 by 2015.
Best regions: Northwest, South, Midwest
Best categories: Designer across all categories, accessories, women's shoes. Also performing well - premium denim and contemporary trends in the tbd department.
Credit cards: The company saw a softening in its credit card business with an increase in delinquencies and write offs. Those rates are still below the industry average. Executives expect a continued softening in the first half of the year, then improvement in the back half.