Nordstrom Inc. is the latest department store to fall victim to a tough 2016 holiday. The retailer reported fourth quarter and fiscal 2016 earnings today with lackluster sales and profits. The share price slipped 6 percent in after hours trading.
Net Income: Profits in the fourth quarter were $180 million, or $1.00 per diluted share. It was a steep decline compared to last year’s profits during the same quarter of $255 million, or $1.32 per diluted share.
Net income for fiscal year was $600 million, or $3.15 per diluted share. In 2015 the company reported profits of $720 million, or $3.72 per diluted shared.
EPS: Earnings per diluted share in the last quarter were $1.00.
Earnings per diluted share were $3.15 in fiscal year 2016. It was a decrease of 15 percent compared to 2015.
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Net Revenue: Sales during the fourth quarter topped $4.1 billion, an increase of 5.2 percent compared to fourth quarter last year when sales were $3.9 billion. Comparable sales increased 1 percent compared to the same quarter last year.
For fiscal 2016, Nordstrom reported total annual sales of $14.1 billion, an 7.6 percent increase compared to last year’s sales of $13.1 billion.
Hit, Miss or Beat: Nordstrom’s results missed analyst expectations for fourth quarter. Analysts polled by Yahoo Finance predicted Q4 diluted EPS of $1.22 and sales of $4.22 billion.