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Nordstrom 4th-quarter net income rises

Published on NewsOK Modified: February 21, 2013 at 6:48 pm •  Published: February 21, 2013
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The Seattle-based retailer's net income for the three months ended Feb. 2 rose to $284 million, or $1.40 per share, from $236 million or $1.11 per share a year ago. That beat analysts' expectations of $1.35 per share.

Revenue rose 13 percent to $3.7 billion, which matched analysts' expectations.

Overall revenue in stores open at least a year rose by 6.3 percent. The measure is a key gauge of a retailer's financial health because it excludes stores that opened or closed during the year.

That metric rose 2.2 percent at its department stores.

Nordstrom Rack, which opened 15 stores in fiscal 2012, continued to show strong sales growth in the fourth quarter. Revenue at stores opened at least a year rose 7.1 percent for the Rack, which is its largest fourth-quarter increase in the past six years.

For the full year net income rose 8 percent to $735 million, or $3.56 per share, from $683 million, or $3.14 per share.

Revenue rose 12 percent to $12.1 billion from $11.76 billion a year ago.

For the upcoming fiscal year, Nordstrom expects net income of $3.65 to $3.80 per share on revenue up 4.5 percent to 6.5 percent. Analysts expect net income of $3.97 per share.

Shares fell $1.27, or 2.3 percent, to $53.25 in aftermarket trading. The stock ended the regular session down 63 cents at $54.42.