Sponsors
Billabong ▼ 0.000 | PPR ▲ +0.45 | American Apparel ▼ -0.006 | The Buckle ▼ -0.83 | Columbia ▼ -0.31 | Deckers Outdoor ▼ -1.45 | Dicks ▼ -0.52 | Foot Locker ▲ +0.04 | Genesco ▼ -0.67 | Iconix Brand Group ▲ +0.15 | Jarden Corp ▲ +0.10 | Nordstrom ▼ -0.62 | Luxottica ▼ -0.63 | Nike ▲ +0.93 | Pacific Sunwear ▲ +0.01 | Skullcandy ▼ -0.20 | Sport Chalet ▲ +0.04 | Urban Outfitters ▼ -0.64 | VF Corp ▼ -0.28 | Quiksilver ▲ +0.07 | Zumiez ▼ -0.31 | Macys ▼ -1.83 | Tillys ▲ +0.01 |
Ticker Sponsor
Readers Say
It pertains to my business
It pertains to my business

I’m an avid reader of Shop-Eat-Surf because it’s really the only online newsletter that I have found that is not only industry related, but also because it’s not so “guy-centric.” I find that a lot of the information I read on the site pertains to my business (as a swimwear designer) and keeps me up to date on what other companies and other women in the industry in general are doing which is not only inspiring but also helps me gauge the future direction of my business as well.

I feel privileged to read the Executive Edition because I know I am getting insider industry information before it hits the mainstream media channels. And it’s always good to know what my friends are up to in the industry.

- By Monica Wise, Founder, L*Space
Since the inception of Executive Edition, I only need 1 stop
Since the inception of Executive Edition, I only need 1 stop

As a retailer in the surf industry for the past 21 years, I have had to use multiple sources to stay informed to the news within surf. Since the inception of the Executive Edition of Shop-Eat-Surf.com, I need only one stop. Thanks for providing such a valuable tool to all of us in the industry. Shop-Eat-Surf is a must read for all of our staff at Maui Nix.

- By George Karamitos, CEO, Maui Nix
New Industry Insight

Shorebreak Hotel as a venue for industry events. Cinematographer Louie Schwartzberg's "Moving Art Retreat" in June at Turtle Bay Resort. Details on Industry Insight.


Tiffany Montgomery
Print This Article

Nordstrom planning double-digit drop in 2009 same-store sales

Nordstrom planning
By Tiffany Montgomery
February 24, 2009 6:49 AM

Nordstrom, an important customer of action sports brands, hosted an earnings conference call for investors yesterday that included some interesting information about how Nordstrom is expecting 2009 to shake out.

Here are some highlights.

2009 same-store sales: down 10 to 15 percent, similar to the sales trends in the fourth quarter.

Expenses: The company cut expenses by $260 million by reducing spending on labor, salary increases, marketing and technology.

Pricing: Nordstrom strategy is to make sure the price points of key products are compelling up front, instead of having to sell goods on clearance. "Our desire is to be a full-priced retailer, and what that means is getting the price right up front," Peter Nordstrom said.

The company announced last quarter that it had reduced price points on 800 items by 22 percent. On the conference call, executives said those lower price points were a good conversation starter for the sales force with shoppers.

California: Sales in California still lag the rest of the country and have for the past 18 months.

New stores: Several new store projects have been cancelled or delayed by developers. Nordstrom will now open three full-line stores in 2009, down from the eight originally planned. It will remodel two stores instead of six. It will open 10 Rack stores.

2008 results

Q4 same-store sales: down 12.5 percent

Q4 total sales: down 8.5 percent to $2.3 billion

Q4 net income: down 67 percent to $68 million

2008 same-store sales: down 9 percent

2008 total sales: down 6.3 percent to $8.3 billion

2008 net income: down 44 percent to $401 million

 

 


More on: Nordstrom, earnings, sales

Articles You Might Have Missed