Nordstrom Inc reported net earnings of $156.8 million, or $0.60 per diluted share, for the first quarter ended May 5, 2007. For the same period last year ended April 29, 2006, net earnings and earnings per diluted share were $131.2 million and $0.48, respectively.
Total sales in the first quarter were $1.95 billion and increased 9.3 percent compared to sales of $1.79 billion during the same period in fiscal 2006. First quarter same-store sales increased 9.5 percent.
The 53rd week in fiscal 2006 created a timing shift in the 4-5-4 calendar for fiscal 2007, which has 52 weeks. The first quarter in fiscal 2007 began and ended one week later than fiscal 2006. This timing shift positively impacted sales results for the first quarter of 2007.
Earnings per diluted share in the first quarter increased 24 percent compared to the same quarter last year. Continued improvement in the company's execution of its merchandising strategy resulted in sales growth which contributed to profit margin expansion.
• Same-store sales increased 9.5 percent for the quarter, exceeding the company's mid-single digit same-store sales plan. Strong regular price sales across all major merchandise categories drove the sales increase, as customers responded favorably to spring season fashion merchandise throughout the quarter.
Merchandise categories with performance above the full-line store average for the quarter were designer apparel, accessories, and women's apparel. Sales momentum in our online store continued to be strong, as same- store sales results exceeded our mid-teen planned growth rate.
marketing@alchempro.com
