NEW YORK (Reuters) – Nordstrom Inc (JWN.N) reported higher-than-expected fourth-quarter profit as sales surged over the holidays, and forecast higher profit and sales for its new fiscal year.Nordstrom said it expected same-store sales, or sales at stores open at least a year, to rise 2 to 4 percent in fiscal 2011 and forecast earnings of $2.95 to $3.10 per share, compared with $3.06 per share analysts, on average, had been expecting, according to Thomson Reuters I/B/E/S.Nordstrom also said it was buying online private sale marketplace HauteLook for $180 million in Nordstrom stock.Nordstrom attracts many of the same shoppers as upscale stores such as Saks Inc (SKS.N) and Neiman Marcus (NMRCUS.UL) and competes with mid-tier retailers like Macy's Inc (M.N).It said delinquencies on sales on its private label credit cards fell to 3 percent from 5.3 percent a year earlier, allowing it to reduce its reserve for bad debt to $15 million.Unlike some other retailers, Nordstrom has avoided profit-draining price-cutting, helping gross margins to continue to rise during the holiday quarter.But the company said gross margins may have peaked. For 2011, it forecast gross margin range of a decline of 0.1 percentage point to an increase of the same degree.Net profit rose 34.9 percent from a year earlier to $232 million, or $1.04 a share, in the fourth quarter ended January 29. Analysts, on average, had been expecting $1 a share.Revenue grew 10.9 percent to $2.82 billion, helped by a 6.7 percent rise in same-store sales.Nordstrom operates 115 department stores, 86 Nordstrom Rack outlet stores, and two Jeffrey boutiques. It plans to open three department stores and 17 Rack locations this year.Nordstrom shares fell 1.5 percent after hours after closing at $46.48 on the New York Stock Exchange on Thursday. The shares hit a 52-week high on Wednesday.(Reporting by Phil Wahba; Editing by Richard Chang)Cruz Del Sur .Netwurkin the Compilation .Groove radio (27 october 2006) .Starmania Extraits .Logos for Love
Nordstrom sees more gains in 2011, buying HauteLook
NEW YORK (Reuters) – Nordstrom Inc (JWN.N) reported higher-than-expected fourth-quarter profit as sales surged over the holidays, and forecast higher profit and sales for its new fiscal year.Nordstrom said it expected same-store sales, or sales at stores open at least a year, to rise 2 to 4 percent in fiscal 2011 and forecast earnings of $2.95 to $3.10 per share, compared with $3.06 per share analysts, on average, had been expecting, according to Thomson Reuters I/B/E/S.Nordstrom also said it was buying online private sale marketplace HauteLook for $180 million in Nordstrom stock.Nordstrom attracts many of the same shoppers as upscale stores such as Saks Inc (SKS.N) and Neiman Marcus (NMRCUS.UL) and competes with mid-tier retailers like Macy's Inc (M.N).It said delinquencies on sales on its private label credit cards fell to 3 percent from 5.3 percent a year earlier, allowing it to reduce its reserve for bad debt to $15 million.Unlike some other retailers, Nordstrom has avoided profit-draining price-cutting, helping gross margins to continue to rise during the holiday quarter.But the company said gross margins may have peaked. For 2011, it forecast gross margin range of a decline of 0.1 percentage point to an increase of the same degree.Net profit rose 34.9 percent from a year earlier to $232 million, or $1.04 a share, in the fourth quarter ended January 29. Analysts, on average, had been expecting $1 a share.Revenue grew 10.9 percent to $2.82 billion, helped by a 6.7 percent rise in same-store sales.Nordstrom operates 115 department stores, 86 Nordstrom Rack outlet stores, and two Jeffrey boutiques. It plans to open three department stores and 17 Rack locations this year.Nordstrom shares fell 1.5 percent after hours after closing at $46.48 on the New York Stock Exchange on Thursday. The shares hit a 52-week high on Wednesday.(Reporting by Phil Wahba; Editing by Richard Chang)Cruz Del Sur .Netwurkin the Compilation .Groove radio (27 october 2006) .Starmania Extraits .Logos for Love