Nordstrom says says special sales help boost profit 39 percent in 2nd quarter

Nordstrom net income jumps 39 percent in 2Q

SEATTLE — Nordstrom Inc.’s second-quarter profit jumped nearly 39 percent as shoppers flocked to its special sales during the quarter.

The upscale department store chain reported Thursday that it earned $146 million, or 66 cents per share, for the quarter. That’s up from $105 million, or 48 cents per share, in the same quarter last year.

Nordstrom’s revenue rose nearly 13 percent to $2.5 billion on growth of both sales and credit card revenue. The company credited continuing strong sales momentum for the growth as well as three special sale events held during the period.

Analysts polled by Thomson Reuters expected the company to earn 66 cents per share on revenue of $2.4 billion.

Shoppers favored its traditional stores and shied away from its discount Nordstrom Rack stores.

The company reported that sales at all of its stores open at least a year grew 8.4 percent. This is considered a key measure of a retailer’s financial health as it strips away the impact of recently opened or closed stores.

That figure rose 9.9 percent at its traditional department stores but fell nearly 1 percent at Nordstrom Rack.

Nordstrom maintained its full-year earnings expectation of earning $2.50 to $2.65 per share. Shares fell $1.06, or 3.2 percent, to $32.38 in after-hours trading.