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Nordstrom beats the Street
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February 17, 2000: 5:12 p.m. ET
Increased store sales contribute to strong 4Q for specialty retailer
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NEW YORK (CNNfn) - Nordstrom Inc. Thursday reported fourth-quarter earnings that beat Wall Street expectations, thanks to increases in store sales.
Additionally, the company announced a management shuffle and a new women's apparel strategy at its upscale department stores, according to Reuters.
Excluding one-time items, Nordstrom (JWN: Research, Estimates) earned $66.5 million, or 50 cents a share in the fourth-quarter, the same figure from a year ago. The number beat analysts' projections of 47 cents a share as reported by earnings tracker First Call/Thompson Financial.
For the three months ended Jan. 31, 2000, the Seattle-based specialty clothing retailer earned $109 million compared to $108.6 million for the same period a year ago.
Net sales for fiscal 1999 increased 1.9 percent to $5.1 billion.
"Our 1999 results reflect a year in which we established a solid foundation for the future," said John Whitacre, the company's chairman and chief executive officer in a prepared statement.
The company's earnings come two weeks after Jim Nordstrom, co-president with four relatives, announced his retirement to pursue Internet ventures.
Earnings got a boost from the company's online shopping site, Nordstrom.com, which includes both Internet and catalog sales. The subsidiary accounted for about $85 million in both online and catalog sales.
Also during the year, Nordstrom opened four full-line stores in Norfolk, Va., Providence, R.I., Mission Viejo, Calif. and Columbia, Md. The company also opened three Rack stores, two in California and one in Maryland.
The company now operates 104 stores in 23 states.
This year, the company plans to open new full-line stores in Atlanta, Dallas, Denver, Sacramento, Calif., Chicago and Boca Raton, Fla. Rack stores are also expected in Atlanta, Honolulu, Spokane, Wash., Scottsdale, Ariz. and Los Angeles.
Prior to the earnings announcement, Nordstrom shares closed up 1/8 to 19-11/16 Thursday. 
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