Nordstrom, Inc. (NYSE:JWN) reported better-than-expected earnings for its fourth quarter on Thursday.
The Seattle-based fashion retailer reported earnings per diluted share for the fourth quarter ended February 2, 2019 of $1.48. Earnings were generally in-line with the Company’s updated expectations provided in its holiday sales release on January 15, 2019.
Net sales decreased 4.7%, or increased 0.1% excluding the 53rd week in 2017 of approximately $220 million.
Full-year net earnings were $564 million compared with $437 million for fiscal 2017. This increase was primarily due to lower income tax expense associated with corporate tax reform.
Comparable sales, which were not impacted by the 53rd week, increased 0.1%.
For fiscal 2018, earnings per diluted share was $3.32, which included a $0.05 favorable income tax benefit related to prior periods and an estimated non-recurring credit-related charge of $0.28. Net sales for fiscal 2018 increased 2.3%, or 3.8% excluding the 53rd week.
Comparable sales increased 1.7%.
Last year also, the Company attracted approximately 10 million customers, or one-third of total customers, who shopped across multiple channels, which leads to higher customer spend, and representing an increase of 6%.
Nordstrom’s combined physical and digital presence, according to Thursday’s press release, "represents a competitive advantage in offering customers a differentiated experience. Digital sales increased 16% and made up 30% of sales."
What is more, Nordstrom maintained a strong financial position, generating annual operating cash flow in excess of $1 billion for 10 consecutive years and returning $1 billion to shareholders in 2018.
Shares declined 47 cents, or 1%, to $46.81
