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Tiffany Montgomery
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Nordstrom planning for a tough first half

By Tiffany Montgomery
February 26, 2008 6:22 AM

Here are some details from the Nordstrom earnings release and conference call yesterday.

 

The business now and the rest of 2008

 

  • The company said its biggest short term challenges are in women's apparel and sales in California.

 

  • For the first quarter, Nordstrom expects same-store sales to fall 3 percent to 5 percent.

 

  • For 2008, Nordstrom is planning for flat to negative 2 percent same-store sales.

 

  • The company sees business improving in the back half of the year.

 

  • Early trends for spring that are selling: Color, crop jackets, denim and non-denim bottoms for the first time in a while.

Fourth quarter and fiscal 2007


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.

 


More on: Nordstrom, earnings, sales

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