Nordstrom, a department store chain that is regarded as a major factor in the American footwear market, reported a 36.0 percent jump in net earnings to $190.4 million for the 4th quarter ended Jan. 28, 2006, reflecting strong sales momentum and continued improvements in operations. Gross profit was $859.9 million, up from $769.7 million in the year-ago period, and stemmed from sales leverage on buying and rental costs. Net sales grew by 9.3 percent to $2.3 billion, while same-store sales rose by 5.8 percent.
The company continues to expand in the USA. The total square footage for the year was up by 3.5 percent to 20,070,000 square feet. On March 10 it will open another location in Palm Beach, Florida, and it is credited with interest in opening soon the first store in Manhattan.
For its full 2005 fiscal year, the company’s net earnings jumped by 40 percent to $551.3 million, from a gross profit that was up to $2,834.8 million as compared to $2,572.0 in its prior financial year. Nordstrom reported a gain in net sales of 8.3 percent to $7.7 billion. In the current quarter, the company expects low single digit same-store sales growth.