Nordstrom holiday sales up 2.5 percent, updates full-year guidance

Following a sluggish sales year, Nordstrom Inc. reported on Tuesday a strong holiday sale season, mostly boosted by sales at its Nordstrom Rack division.
 
Nordstrom's holiday sales up 2.5 percent, updates FY expectations.

The department store chain said net sales climbed 2.5 percent during the nine weeks ended December 30, 2017. Meanwhile, comparable sales equally jumped 1.2 percent.
 
The Nordstrom Rack brand recorded the biggest jump. Net sales increased 8.2 percent and comparable sales increased 2.9 percent.
 
Meanwhile, in the Nordstrom brand, including U.S. and Canada full-line stores and Nordstrom.com, net sales when combined with Trunk Club, increased 0.7 percent and comparable sales increased 1 percent.
 
Based on its strong holiday results, Nordstrom updated its fiscal 2017 outlook and is now expecting net sales to increase approximately 4.2 percent, and comparable sales to climb about 0.5 percent overall.
 
Nordstrom expects full-year adjusted earnings per share to fall within a range of $2.90 to $2.95, compared with a prior range of $2.85 to $2.95. 
 
Earlier in the wek, Nordstrom also announced that Karen McKibbin, president of its Rack division, will be retiring in March.

McKibbin will be succeeded by Nordstrom executive, Geevy Thomas.

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