Nordstrom's (JWN) 12.5% Sales Growth in Q4 Not Good Enough for Bulls
Net sales in the quarter were $3.17 billion, an increase of 12.5 percent compared with net sales of $2.82 billion during the same period in fiscal 2010. This was right inline with the Street’s consensus.
Same-store sales increased 7.1 percent compared with the same period in fiscal 2010.
Cost of sales and related buying and occupancy costs rose 12.2 percent year over year to $1.97 billion. Gross profit, as a percentage of net sales, increased 12 basis points compared with last year’s fourth quarter.
Net earnings rose 1.7 percent to $236 million, or $1.11 per share, from $232 million, or $1.04 per diluted share, for the same quarter last year. The Street was forecasting earnings of $1.10 per share.
Cash and cash equivalents totaled $1.88 billion at the end of the quarter, up from the $1.51 billion the company ended the fourth quarter of 2010 with.
For the 2012 fiscal year, Nordstrom expects same-store sales to increase 4 to 6 percent and earnings per diluted share in the range of $3.30 to $3.45, versus the consensus of $3.58. The expectations include the impact of the 53rd week, which will add $160 to $170 million to total sales and approximately $0.03 to $0.05 to earnings per diluted share.