Nordstrom Q2 profit soars 20%
Seattle -- Nordstrom reported Thursday that net income for its second quarter rose 20% to $175 million, compared with $146 million in the year earlier period.
Revenue surged 12.4% to $2.72 billion, benefited by strong promotions and matching Wall Street estimates. Same-store sales rose a solid 7.3%. The department store retailer has raised its profit outlook for the full year.
Its outlet concept Nordstrom Rack saw net sales increase 23.4% to $92 million, and same-store sales rose 4.8%.
"We're mindful of the economic challenges facing all of us," said Blake Nordstrom, president, during a conference call. "However, we know from previous experiences that our customers remain receptive when we're able to evolve with them and provide a compelling reason to buy something new."
During the quarter, Nordstrom opened three Nordstrom Rack stores, located in Cherry Hill, N.J., in Washington, D.C., and in Annapolis, Md.