Nordstrom has strong fourth quarter, but full-line stores continue slide

SEATTLE _ Nordstrom handily beat Wall Street expectations for its fourth quarter, with both profits and revenues up from a year ago.

The Seattle-based upscale retailer reported earnings per share of $1.15 for the quarter that ended Jan. 28. That was up 15 percent from the year-ago period.

Excluding certain items, the adjusted earnings came to $1.37 per share, easily exceeding the $1.15 Wall Street consensus estimate from S&P Global Market Intelligence.

Nordstrom's revenue of $4.32 billion for the quarter, up 2.9 percent from a year ago, also beat Wall Street expectations.

Sales at the company's full-line stores open at least a year fell for the sixth straight quarter, however. Its U.S. full-line comparable stores saw sales slide 6.8 percent from the year-ago quarter.

Nordstrom Rack's comparable sales fell 0.5 percent in the quarter.

The company's online comparable sales fared better, as has been the trend, with Nordstrom.com sales up 8 percent, and Nordstromrack.com/HauteLook sales up 29.2 percent.

Overall company comparable sales were down 0.9 percent in the quarter.

For the full fiscal year, the company achieved record revenue and was profitable, though its profit declined from last year.

The company achieved record net sales of $14.50 billion. Its total revenue (including credit card revenue) was $14.76 billion, up 2.2 percent from a year ago. That beat an S&P Global Market Intelligence consensus estimate of $14.55 billion.

Its profits fell 41 percent from $600 million last year to $354 million this year. Earnings per share of $2.02 were down 35.9 percent from a year ago.

Excluding certain items, the adjusted earnings for the year came to $3.14, easily beating the Wall Street consensus estimate of $2.94.

Comparable sales, though, were down 0.4 percent company-wide for the fiscal year.

Nordstrom's full-line stores' comparable sales were down 6.4 percent for the year. Its Rack stores comparable sales were up 0.2 percent.

Nordstrom.com's comparable sales were up 9.5 percent for the year, while Nordstromrack.com/HauteLook rose 31.7 percent.

Nordstrom shares closed down 3 percent at $43.94 Thursday, and, after-hours after the earnings release, was trading at $45.09, up 2.6 percent.