Nordstrom (JWN) Holiday Comps Increase 1.3%

Nordstrom, Inc. (NYSE: JWN) today announced a comparable sales increase of 1.3 percent for the nine weeks ended January 5, 2019, compared with the nine weeks ended January 6, 2018.

In Full-Price, comparable sales increased 0.3 percent relative to the third quarter year-to-date increase of 1.9 percent, reflecting softer traffic in stores. In Off-Price, comparable sales increased 3.9 percent, which was consistent with year-to-date trends and expectations. Digital sales for the Company increased 18 percent over the same period last year, representing 36 percent of sales.

While year-to-date comparable sales of 2.1 percent were in-line with the Company’s prior outlook of approximately 2 percent for fiscal 2018, Full-Price sales were below the Company’s expectations. As a result, the Company has incorporated in its annual expectations higher markdowns taken during holiday and to reposition inventory to a more appropriate level by the end of the year. Earnings per diluted share is expected to be around the low end of the Company’s prior outlook range of $3.27 to $3.37, including the third quarter estimated non-recurring credit-related charge of $0.28, or for comparability, $3.55 to $3.65, excluding the impact of the charge.

(**Street sees FY EPS of $3.61)

The Company remains committed to achieving its long-term financial targets, which supports three strategic objectives in driving higher shareholder returns: continuing market share gains, improving profitability and returns and maintaining disciplined capital allocation.

The Company is scheduled to report its fourth quarter and full-year 2018 financial results after the close of the financial markets on February 28, 2019. Additional detail on the Company’s financial performance will be provided at that time.

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