Nordstrom Sees 22.3% Jump in Quarterly Net
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SEATTLE — A strong Christmas season helped boost Nordstrom Inc.’s fourth-quarter profit by 22.3% over the same period a year earlier, the clothing retailer said Monday.
Net earnings for the quarter ended Jan. 31 were $50 million, or 61 cents a share, up from $40.9 million, or 50 cents a share, a year earlier. Sales were $1.07 billion, up 9.3% from $978.1 million for fourth-quarter 1992.
Profit was reduced by a $4-million one-time charge for legal fees to settle a class-action labor lawsuit.
For the year, profit was $136.6 million, or $1.67 a share, on sales of $3.42 billion, compared to net earnings of $135.8 million, or $1.66 a share, on sales of $3.18 billion a year earlier.
“The results for the last quarter of the year reflect an improved retail environment during the holiday season,” said John Goesline, executive vice president and chief financial officer.
Nordstrom stock rose $1.875 in trading on the over-the-counter stock market, closing at $38.75.
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