Buoyed the sale of its Façonnable chain, Nordstrom Inc. delivered robust third-quarter earnings on strong sales Monday.
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But markdowns during the quarter ate away at gross margins, which declined 38 basis points. Still, the company said its inventories are in good shape as the company heads into a challenging fourth-quarter retail environment.
Net income for the quarter ended Nov. 3 surged 22.1 percent to $165.7 million, or 68 cents per diluted share, from $135.7 million, or 52 cents, in the prior year on sales that gained 5.3 percent to $1.97 billion from $1.87 billion. Same-store sales for the quarter showed an increase of 2.2 percent.
For more, see Tuesday’s WWD.