Dresses, kids' shoes & apparel – key performer at Nordstrom
14 Aug '09
4 min read
Fiscal Year 2009 Outlook The company is revising its outlook for the 2009 fiscal year to reflect the better than expected second quarter performance. For the 2009 fiscal year, Nordstrom expects earnings per diluted share in the range of $1.50 to $1.65, increased from the previous range of $1.25 to $1.50. The company's revised expectations for fiscal 2009 are as follows:
Same-store Sales - 9 percent to 12 percent decrease Credit Card Revenue - $75 to $80 million increase Gross Profit (%) - 50 to 100 basis point decrease Retail Selling, General and Admin. Expense ($) - $100 to $150 million decrease Credit Selling, General and Admin. Expense ($) - $35 to $45 million increase Total Selling, General and Admin. Expense (%) - 80 to 100 basis point increase Interest Expense, net - $20 to $25 million increase Effective Tax Rate - 36.5 percent to 37.0 percent Earnings per Diluted Share - $1.50 to $1.65 Diluted Shares Outstanding - 219 million
New Revolving Credit Facility Nordstrom plans to enter into a new three-year $650 million unsecured revolving credit facility to replace the existing $650 million unsecured revolving credit facility which matures in November 2010. The new facility is intended to be used for general corporate purposes and will mature in August 2012. The closing is subject to satisfaction of customary closing conditions, including documentation. The company has obtained commitments from lenders for the new revolving credit facility of $650 million, which it intends to complete later this week.
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