Nordstrom Inc. reported that its second-quarter net earnings were $156 million, or $0.75 per share, down from $175 million, $0.80 per share, for the same quarter last year.
Second quarter same-store sales increased 4.5 percent compared with the same period in fiscal 2011. Net sales in the second quarter were $2.92 billion, an increase of 7.4 percent compared with net sales of $2.72 billion during the same period in fiscal 2011. Total revenues for the quarter were $3.01 billion, up from $2.81 billion last year.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.74 per share on revenues of $3.02 billion for the quarter. Analysts’ estimates typically exclude special items.
Nordstrom said Over the last four years, it has more than doubled the number of Nordstrom Rack locations to its current total of 110 stores. Its initial plan for 15 store openings in 2012 remains and will increase to 24 openings in 2013. The company plans to have over 230 Rack stores by the end of 2016.The Company earlier announced a location for its first full-line store in New York City, with the opening expected in 2018.
For the third-quarter, the company expects Same-store sales growth to be high-single-digit. For the fourth-quarter, the company anticipates Same-store sales growth to be mid-single-digit.
Nordstrom raised its earnings per share guidance in a range of $3.40 -$3.50 for fiscal year 2012. While announcing the first-quarter result, the company had expected earnings per share of $3.30 to $3.45 for the full year. Analysts expect the company to report earnings of $3.45 per share for fiscal 2012.
The company now expects Same-store sales growth of 6 to 7 percent for fiscal 2012.