Nordstrom Inc. (Seattle) reported net earnings dropped to $68 million for the fourth quarter ended January 31, 2009, compared to $212 million for the same quarter last year. Total sales in the fourth quarter decreased 8.5 percent while fourth quarter same-store sales also fell 12.5 percent.
Among its divisions, the company reported that discount retailer Nordstrom Rack was one of the top performers amongst its off-price competitors with a same-store sales decrease of only 1.5 percent. Sales for its Nordstrom Direct catalogue division continued to be strong, increasing 9.7 percent.
The company, which opened eight new full-line stores and six new Nordstrom Rack stores during the 2008 fiscal year, plans to open three new full-line stores, relocate one full-line store and open 10 Nordstrom Rack stores in 2009.