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Nordstrom Gains After Surprise Sales Growth Reassures Investors

The retailer's 1.7 percent sales growth, exceeding the 0.5 percent predicted by Wall Street, has renewed hope in the department-store model.
By
  • Bloomberg

SEATTLE, United States — Nordstrom Inc. is bucking the trend of declining sales in the department-store industry.

The upscale retailer posted a same-store sales gain of 1.7 percent in the latest quarter, well ahead of the 0.5 percent decline predicted by analysts. Nordstrom also posted earnings that topped Wall Street’s projections.

The results offer fresh hope that the beleaguered department-store model isn’t permanently broken. Shrinking sales at Macy’s Inc. and Kohl’s Corp. had renewed concerns that the entire industry is stuck in an intractable slump.

Nordstrom’s more upbeat outlook also provides a tailwind as it considers a plan to go private. In June, the Nordstrom family said it was mulling a buyout, which would give the business a chance to continue its turnaround plan out of the glare of public markets.

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Shares of Nordstrom rose as much as 6.9 percent to $47.98 in late trading after the results were released. The stock had fallen 6.4 percent this year through Thursday’s close.

By Lindsey Rupp; Editor: Nick Turner, Mark Schoifet.

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