Nordstrom Aug. performance leaps on big sale event
SEATTLE (AP) — Nordstrom Inc. said Thursday that its revenue in stores open at least one year leaped 21 percent in August, helped by the timing of an anniversary sales event.
The results beat the average prediction by analysts, who expected the department store chain's revenue metric rise 11.1 percent, according to Thomson Reuters.
Revenue at stores open at least a year is an important measure of a retailer's health, because it strips out sales at stores that recently opened or closed.
Results were boosted because the company's biggest sale of the year, a 17-day event, started a week later this year than last year. That pushed some of the promotions into August.
For the combined July and August period, revenue in stores open at least one year rose 8.4 percent.
In the four weeks ended Aug. 25, revenue rose 25 percent to $866 million from $691 million.
Year-to-date, revenue in stores open at least one year rose 8 percent, and total revenue rose 12 percent to $6.31 billion.
Nordstrom operates 231 stores in 31 states, including 117 namesake stores and 110 off-price Nordstrom Rack stores.
Shares of Nordstrom Inc. added 31 cents to $58.07 in morning trading, just short of its 52-week high of $58.41.