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Nordstrom Ends Rocky Year With Modest Holiday Sales Growth

The results underscore the theme other retailers have established this holiday season: Limited gains may not be enough to appease skeptical investors.
Nordstrom's new store at the Yorkdale Shopping Center, Toronto | Source: Courtesy
By
  • Bloomberg

SEATTLE, United States — Nordstrom Inc., after a year of sluggish sales and a failed plan to take the company private, eked out modest growth during the holiday season.

Same-store sales — a key measure — climbed 1.2 percent in November and December combined, the company said on Tuesday. Though that marked a rebound from the 0.9 percent decline in the previous quarter, investors are still waiting for a more dramatic comeback. They sent the shares down less than 1 percent in extended trading.

Nordstrom's results underscore the theme other retailers have established this holiday season: Limited gains may not be enough to appease skeptical investors. While fellow mall-based department stores Macy's Inc. and J.C. Penney Co. also posted sales growth, Wall Street was underwhelmed. Nordstrom needed strong holiday sales to negotiate better terms with potential lenders and keep its hopes for a buyout alive.

Rack, the retailer’s discount chain, posted comparable growth of 2.9 percent, while the namesake department-store chain saw the same measure rise 1 percent. The company narrowed its range for 2017 profit to $2.90 to $2.95 a share, increasing the prior bottom range of $2.85.

By Lindsey Rupp; Editor: Nick Turner, Jonathan Roeder, Lisa Wolfson. 

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