Nordstrom beats forecasts with Q4 results

(Sharecast News) - American department store chain Nordstrom delivered fourth-quarter results that beat market forecasts on Tuesday, resulting in full-year sales and profits at the high end of expectations. Revenues for the three months to 1 February totalled $4.32bn, down from $4.42bn a year earlier but ahead of the $4.27bn consensus forecast.

Comparable sales however were 4.7% ahead of last year.

Earnings before interest and tax totalled $242m, up from $215m a year earlier, with adjusted earnings per share of $1.10 smashing the $0.93 expected by the market.

"Customers responded positively to the strength of our offering across both banners in the fourth quarter," said Erik Nordstrom, chief executive.

"We maintained the momentum we built throughout the year, which resulted in full-year sales and profitability coming in at the high end of our expectations."

The company also announced on Tuesday that chief financial officer Cathy Smith would be stepping down to join Starbucks as its new executive vice president and CFO.