first quarter 2015 earnings in-line with expectations Nordstrom
Nordstrom, Inc. on Thursday reported earnings which were in-line with company expectations. Total company net sales increased 9.8 percent and comparable sales increased 4.4 percent, compared with the same period last year.
First quarter net earnings were $128 million compared with $140 million during the same period last year. Earnings before interest and taxes were $245 million, or 7.9 percent of net sales, compared with $265 million, or 9.3 percent of net sales, for the same quarter last year.
Total company net sales of $3.1 billion for the first quarter increased 9.8 percent compared with net sales of $2.8 billion during the same period in fiscal 2014. Total company comparable sales for the first quarter increased 4.4 percent.
Gross profit, as a percentage of net sales, of 35.9 percent increased 7 basis points compared with the same period in fiscal 2014.
This year, the company announced plans to open a full-line store in Norwalk, Connecticut in 2018 and Nordstrom Rack stores in Virginia Beach, Virginia, Novi, Michigan and Pittsburgh, Pennsylvania in 2016. During fiscal 2015, the company plans to open a total of five full-line stores, including two in Canada, and 27 Nordstrom Rack stores. In the first quarter of 2015, Nordstrom opened two full-line stores and 10 Nordstrom Rack stores.
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