Nordstrom Reports October Same-Store Sales Increase of 3.5%
SEATTLE, Nov. 6 /PRNewswire-FirstCall/ -- Nordstrom, Inc. (NYSE: JWN) today reported preliminary sales of $454.4 million for the four-week period ending November 1, 2003, an increase of 6.7 percent compared to sales of $425.8 million for the four-week period ending November 2, 2002. Same-store sales increased 3.5 percent.
(Logo: http://www.newscom.com/cgi-bin/prnh/20001011/NORDLOGO )
October same-store sales in full-line stores increased in all geographic regions. By merchandise category, same store sales increased in Cosmetics, Accessories, Shoes, Men's Wear and Women's Designer Apparel.
Preliminary third quarter sales of $1,420.6 million increased 9.8 percent compared to third quarter 2002 sales of $1,293.5 million. Third quarter same-store sales increased 5.0 percent.
Preliminary year-to-date sales of $4.5 billion increased 7.2 percent compared to year-to-date 2002 sales of $4.2 billion. Year-to-date same-store sales increased 2.6 percent.
SALES RECORDING
To hear Nordstrom's prerecorded October sales message, please dial 402-220-6036. This recording will be available for one week.
GAAP SALES PERFORMANCE
The additional information provided in this section is to comply with the Securities and Exchange Commission's Regulation G. The Company converted to a 4-5-4 Retail Calendar at the beginning of 2003. This change in the fiscal calendar has resulted in differences in the number of days included in the current period versus the same period in the prior year. Sales performance numbers included in this sales release have been calculated on a comparative 4-5-4 basis. The Company believes that adjusting for these differences provides a more comparable basis (4-5-4 vs. 4-5-4) from which to evaluate sales performance. The following reconciliation bridges 2002 GAAP sales to the 4-5-4 comparable sales.
Dollar % Change % Change
October October Increase/ Total Comp
Sales Reconciliation ($M) 2003 2002 (Decrease) Sales Sales
Number of Days GAAP 28 31
GAAP Sales $454.4 $462.1 ($7.7) (1.7%) (4.2%)
Less Oct. 1-5,
2002 sales ($79.5)
Plus Nov. 1-2,
2002 sales $43.2
Reported 4-5-4
sales $454.4 $425.8 $28.6 6.7% 3.5%
4-5-4 Adjusted
Days 28 28
% Change % Change
QTD QTD Dollar Total Comp
Sales Reconciliation ($M) 2003 2002 Increase Sales Sales
Number of Days GAAP 91 92
GAAP Sales $1,420.6 $1,323.2 $97.4 7.4% 2.5%
Less Aug. 1-3,
2002 sales -- ($72.9)
Plus Nov. 1-2,
2002 sales -- $43.2
Reported 4-5-4 sales $1,420.6 $1,293.5 $127.1 9.8% 5.0%
4-5-4 Adjusted Days 91 91
% Change % Change
YTD YTD Dollar Total Comp
Sales Reconciliation ($M) 2003 2002 Increase Sales Sales
Number of Days GAAP 274 273
GAAP Sales $4,559.3 4,224.5 $334.8 7.9% 2.9%
Less Feb. 1, 2003 ($18.2) --
Less Feb. 1-2,
2002 sales -- ($30.4)
Plus Nov. 1-2,
2002 sales -- $43.2
Reported 4-5-4 sales $4,541.1 $4,237.3 $303.8 7.2% 2.6%
4-5-4 Adjusted Days 273 273
FUTURE REPORTING DATES
Nordstrom's financial release calendar for the next several months is provided in the table below.
Third Quarter Earnings Thurs., November 20, 2003
November Sales Release Thurs., December 4, 2003
December Sales Release Thurs., January 8, 2004
January Sales Release Thurs., February 5, 2004
Nordstrom, Inc. is one of the nation's leading fashion specialty retailers, with 147 US stores located in 27 states. Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 91 full-line stores, 49 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
(unaudited; Oct. Oct. QTD QTD YTD YTD
$ in millions) 2003 2002 2003 2002 2003 2002
Total sales $454.4 $425.8 $1,420.6 $1,293.5 $4,541.1 $4,237.3
Total sales
percentage
change 6.7% 12.8% 9.8% 7.8% 7.2% 5.7%
Same-store sales
percentage
change 3.5% 9.6% 5.0% 3.7% 2.6% 1.3%
Number of stores (as of November 1, 2003)
Full-line 91 88
Rack and other 56 55
International
Faconnable
boutiques 31 23
Total 178 166
Gross square
footage 19,011,000 18,428,000
CONTACT:Investor Contact:
Stephanie Allen, 206-303-3262
Media Contact:
Shasha Richardson, 206-373-3038
Certain statements in this news release might 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.