Nordstrom, Inc. reported preliminary sales of $439.7 million for the four-week period ending May 3, 2003, an increase of 5.2 percent compared to sales of $417.8 million for the four-week period ending May 4, 2002. Same-store sales decreased 0.3 percent for the month of April. For the combined March and April period, same-store sales decreased 1.0 percent.
For the month of April, same-store sales in full-line stores increased in the Northeast geographic region and were flat in the Northwest and Central States regions. By merchandise division, same-store sales increased in Cosmetics, Accessories, Junior Women’s and Women’s Designer.
Preliminary first quarter (February – April) sales of $1,325.4 million increased 3.5 percent compared to first quarter 2002 sales of $1,280.4 million. Same-store sales decreased 1.4 percent for the quarter.
The company now expects first quarter earnings per share to fall in the range of $0.12 to $0.15, primarily as a result of updated expectations for both gross margin and selling, general and administrative expense. Gross margin as a percentage of sales, previously anticipated to achieve moderate improvement compared to the same quarter last year, is now expected to decline, primarily as a result of below-plan sales and above-plan markdowns. Selling, general and administrative expense, previously expected to improve slightly on a percent to sales basis, is now expected to increase compared to the prior year as a result of lost leverage due to below-plan sales.
