Nordstrom Meets Street Expectations

Nordstrom, Inc. reported second-quarter earnings that met expectations.

For the second quarter ending Aug. 2, the Seattle-based retailer reported net income of $183 million, or $0.95 diluted earnings per share. The net income and earnings per share decreased half a percent from a year ago, when net income was $184 million, or 93 cents per share. Analysts polled by Zacks Investment Research expect 94 cents a share.

Net sales increased 6 percent to $3.3 billion compared to $3.1 billion a year ago.

“In wrapping up the first half of the year, we are encouraged with our progress, executing both our current operations and strategic initiatives with the overarching goal of delivering a superior customer experience,” said Michael Koppel, chief financial officer and EVP.

Comparative sales increased 3.3 percent, beating expectations of 3.2 percent.

In recent weeks, Nordstrom announced the acquisition of men’s personal shopping service Trunk Club, and in the third quarter will open its first Canada location in Calgary.

Executives raised full year guidance to an estimated $3.80 to $3.90 per diluted share in 2014, from $3.75 to $3.90 per share. The company also lifted sales forecasts 6.5 to 7.5 percent from previously estimated 5.5 to 7.5 percent. 

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