Dive Brief:
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Seattle-based Nordstrom’s growth in brick and mortar and online contributed to a quarterly revenue bump of 9.7% to $3.21 billion, beating expectations of $3.16 billion. Same-store sales rose 4.4%.
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Disappointment was found in profit results for the quarter: net income was $128 million; at $.66 per share, that missed estimates of $.71 per share.
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The profit miss was largely due to the company’s investments in store renovations, acquisitions, and technology.
Dive Insight:
Nordstrom may have a miss when it comes to short-term profits, but it looks to be on the right track. After all, people are going to Nordstrom’s stores, its flagship ones as well as its off-price Rack stores, and its sites, at a time when other department stores are struggling to attract shoppers. Even its HauteLook flash sales site — an area of retail that seems to be faltering — did well.