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Nordstrom profit down in fourth quarter

Tuesday February 23rd 2016

US department store chain Nordstrom has reported that its profit dropped to $180 million in its fourth quarter from $255 million in the same period in the prior year.

However, total company net sales increased by 5.2% while comparable sales edged up 1%.

Full-price net sales, which consist of US full-line stores and Nordstrom.com, rose by 0.7% while comparable sales increased by 0.2%. Top-performing merchandise categories included beauty and shoes.

The Midwest and West were the top-performing full-price geographic regions.

Nordstrom has also announced that it plans to open its first Nordstrom Rack store in Canada at One Bloor in Toronto. The 38,600-square-foot store is scheduled to launch in 2018.

"We're excited to announce our first Nordstrom Rack in Canada in such a wonderful location and provide Canadian customers another way to shop their favourite Nordstrom brands at great prices," said Karen McKibbin, president of Nordstrom Canada. "We want to be a part of compelling locations across the country and this is a great first step.”