AddThis

Nordstrom revises forecast following softer-than-expected Q2 sales

SEATTLE — Despite reporting a net income of $184 million for the second quarter, ended Aug. 3, up from $156 million in the year-ago period, Nordstrom cut its yearly forecast, citing softer-than-anticipated sales trends.

Nordstrom said revenue rose 6.4% % to $3.1 billion, short of the $3.29 billion Wall Street expected. Total company same-store sales increased 4.4%.

By division, full-line same-store sales decreased 0.7%. Direct sales increased 37% in the quarter, fueled by expanded merchandise selection and ongoing technology investments to enhance the online experience.  

At Nordstrom Rack, net sales increased 12% to $69 million, reflecting 17 new store openings since the second quarter of fiscal 2012. Nordstrom Rack same-store sales increased 2.4%.

Nordstrom announced plans to open 14 new Rack stores and relocate one full-line and two Rack stores during the remainder of 2013.

© 2014 Retailing Today. All Rights Reserved.