Nordstrom Reports July Same-Store Sales Increase of 6.1%
SEATTLE, Aug 7, 2003 /PRNewswire-FirstCall via COMTEX/ -- Nordstrom, Inc. (NYSE: JWN) today reported preliminary sales of $690.2 million for the four-week period ending August 2, 2003, an increase of 9.0 percent compared to sales of $633.4 million for the four-week period ending August 3, 2002. Same-store sales increased 6.1 percent.
(Photo: http://www.newscom.com/cgi-bin/prnh/20001011/NORDLOGO )
July same-store sales in full-line stores increased in all geographic regions and in all major merchandise divisions.
Preliminary second quarter sales of $1.8 billion increased 7.9 percent compared to 2002 second quarter sales of $1.7 billion. Second quarter same-store sales increased 3.9 percent.
Preliminary year-to-date sales of $3.1 billion increased 6.0 percent compared to year-to-date 2002 sales of $2.9 billion. Year-to-date same-store sales increased 1.6 percent.
GAAP SALES PERFORMANCE
The additional information provided in this section is to comply with the Securities and Exchange Commission's newly issued Regulation G. The Company converted to a 4-5-4 Retail Calendar at the beginning of 2003. This change in the fiscal calendar has resulted in differences in the number of days included in the current period versus the same period in the prior year. Sales performance numbers included in this sales release have been calculated on a comparative 4-5-4 basis. The Company believes that adjusting for these differences provides a more comparable basis (4-5-4 vs. 4-5-4) from which to evaluate sales performance. The following reconciliation bridges 2002 GAAP sales to the 4-5-4 comparable sales.
% Change % Change
July July Dollar Total Comp
Sales Reconciliation ($M) 2003 2002 Increase Sales Sales
Number of Days GAAP 28 31
GAAP Sales $690.2 $631.8 $58.4 9.2% 6.6%
Less July 1-6,
2002 sales -- ($71.4)
Plus August 1-3,
2002 sales -- $73.0
Reported 4-5-4 sales $690.2 $633.4 $56.8 9.0% 6.1%
4-5-4 Adjusted Days 28 28
% Change % Change
QTD QTD Dollar Total Comp
Sales Reconciliation ($M) 2003 2002 Increase Sales Sales
Number of Days GAAP 91 92
GAAP Sales $1,795.0 $1,655.6 $139.4 8.4% 4.5%
Less May 1-4,
2002 sales -- ($65.2)
Plus August 1-3,
2002 sales -- $73.0
Reported 4-5-4 sales $1,795.0 $1,663.4 $131.6 7.9% 3.9%
4-5-4 Adjusted Days 91 91
% Change % Change
YTD YTD Dollar Total Comp
Sales Reconciliation ($M) 2003 2002 Increase Sales Sales
Number of Days GAAP 183 181
GAAP Sales $3,138.7 $2,901.3 $237.4 8.2% 3.1%
Less Feb. 1, 2003 ($18.2) --
Less Feb. 1-2,
2002 sales -- ($30.4)
Plus August 1-3,
2002 sales -- $73.0
Reported 4-5-4 sales $3,120.5 $2,943.9 $176.6 6.0% 1.6%
4-5-4 Adjusted Days 182 182
FUTURE REPORTING DATES
Nordstrom's financial release calendar for the next several months is provided in the table below.
Second Quarter Earnings Thurs., August 21, 2003
August Sales Release Thurs., September 4, 2003
September Sales Release Thurs., October 9, 2003
October Sales Release Thurs., November 6, 2003
Nordstrom, Inc. is one of the nation's leading fashion specialty retailers, with 143 US stores located in 27 states. Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 89 full-line stores, 47 Nordstrom Racks, five Faconnable boutiques, one free-standing shoe store, and one clearance store. Nordstrom also operates 31 international Faconnable boutiques, primarily in Europe. Additionally, Nordstrom serves customers through its online presence at http://www.nordstrom.com and through its direct mail catalogs.
SALES SUMMARY July July QTD QTD YTD YTD
(unaudited; 2003 2002 2003 2002 2003 2002
$ in millions)
Total sales $690.2 $633.4 $1,795.0 $1,663.4 $3,120.5 $2,943.9
Total sales
percentage
change 9.0% 7.8% 7.9% 7.1% 6.0% 4.9%
Same-store sales
percentage change
Full-line
stores 6.2% 1.9% 4.0% 1.5% 1.8% (0.2%)
Rack and
other stores 5.6% 1.3% 2.8% 8.7% 0.4% 5.2%
All stores 6.1% 1.9% 3.9% 2.2% 1.6% 0.3%
Number of stores (as of August 2, 2003)
Full-line 89 83
Rack and other 54 53
International
Faconnable
boutiques 31 23
Total 174 159
Gross square
footage
(as of
Aug. 2,
2003) 18,628,000 17,455,000
Investor Contact:
Stephanie Allen, 206-303-3262
Media Contact:
Shasha Richardson, 206-373-3038
Certain statements in this news release contain "forward-looking" information (as defined in the Private Securities Litigation Reform Act of 1995) that involves risks and uncertainties, including anticipated results, store openings and distribution channels, planned capital expenditures, and trends in company operations. Actual future results and trends may differ materially from historical results or current expectations depending upon factors including, but not limited to, the company's ability to predict fashion trends, consumer apparel buying patterns, the company's ability to control costs, weather conditions, hazards of nature such as earthquakes and floods, trends in personal bankruptcies and bad debt write-offs, changes in interest rates, employee relations, the company's ability to continue its expansion plans, and the impact of economic and competitive market forces, including the impact of terrorist activity or the impact of a war on the company, its customers and the retail industry. Our SEC reports may contain other information on these and other factors that could affect our financial results and cause actual results to differ materially from any forward-looking information we may provide.
SOURCE Nordstrom, Inc.
investors, Stephanie Allen, +1-206-303-3262, or press, Shasha Richardson, +1-206-373-3038, both of Nordstrom, Inc. /Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20001011/NORDLOGO AP Archive: http://photoarchive.ap.org PRN Photo Desk, 1-888-776-6555 or +1-212-782-2840
http://www.nordstrom.com