Nordstrom Reports Third Quarter Earnings

Nordstrom Inc. (Seattle) reported total sales in the third quarter ended November 1, 2008, were $1.81 billion, a decrease of 8.4 percent compared with sales of $1.97 billion during the same period in fiscal 2007.

The company reported same-store sales decreased 11.1 percent for the quarter, while same-store sales in full-line stores decreased 15.6 percent. Off-price retailer Nordstrom Rack saw same-store sales increase 3.6 percent. The company anticipates same-store sales will decrease 9 to 10 percent for the fiscal year ending January 31, 2009.

Based on current economic conditions and delays in real estate development, Nordstrom expects to relocate one full-line store and open three new full-line stores in 2009 and up to five new full-line stores in 2010.