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Nordstrom Q3 net sales reach US $ 3.5bn

Image Courtesy: wsj.com

Nordstrom Inc., one of the leading fashion companies in the United States, has announced financial results for the third quarter ended October 28, 2017.

During the quarter under review, net sales of the company increased by 2 per cent to US $ 3.5 billion.

The fashion retailer’s net earnings remained US $ 114 million in the third quarter.

Earnings Before Interest and Taxes (EBIT) stood at US $ 208 million which is 5.9 per cent of the net sales as against net loss of US $ 10 million and EBIT of US $ 55 million in the same quarter of 2016.

Comparable sales for the third quarter declined by 0.9 per cent.

Combined net sales of the Nordstrom brand including nordstrom.com and Trunk Club, the net sales decreased by 1.2 per cent.

Men and kids’ apparels were the highest selling products at these brands during the quarter.

On the contrary, Nordstrom Rack brand, which consists of Nordstrom Rack stores and nordstromrack.com, reported a 5.5 per cent surge in net sales.

Nordstrom Rack’s comparable sales also increased by 0.8 per cent.

The company’s online ventures nordstrom.com and nordstromrack.com/HauteLook performed reasonably well, noting a sales growth of 14 per cent and 26 per cent, respectively.

For the full year 2017, Nordstrom Inc. expects net sales to soar 4 per cent and comparable sales to remain flat.