| NORDSTROM REPORTS SEPTEMBER 2001 SALES
SEATTLE, Wash. - October 8, 2001 - Nordstrom, Inc. (NYSE: JWN) today reported preliminary sales of $398.5 million for the month of September 2001, a decrease of 6.0 percent compared to sales of $424.0 million for the month of September 2000. Same-store sales declined 9.4 percent. The decline in September 2001 sales reflected a challenging retail environment made worse following the events of September 11. This was partly offset by the first three days of the Company’s Fall Sale event (9/28-10/8).
Preliminary year-to-date sales of $3.6 billion increased 4.0 percent compared to 2000 year-to-date sales of $3.4 billion. Year-to-date same-store sales declined 2.5 percent.
CALENDAR-ADJUSTED RESULTS The only adjustment made to the September 2001 results was to exclude the last three days of the month, which were part of the previously mentioned Fall Sale event. This event did not occur last year. Total sales for the period September 1 through September 27, 2001 decreased approximately 11.2 percent, and same-store sales declined approximately 15.2 percent. Adjusted same-store sales in full-line stores decreased in all regions and all merchandise categories.
FUTURE REPORTING DATES Nordstrom is planning to hold a short conference call Tuesday, October 9, 2001 at 1:30pm (PDT), to discuss the company’s recent and planned near-term actions, and to update its third quarter guidance. The conference call may be heard live over the Internet by accessing Nordstrom’s web site at www.nordstrom.com, then clicking on the "Investor Relations" option. A replay of the call will be available on Nordstrom’s web site through November 8. Nordstrom’s financial release calendar for the remainder of fiscal 2001 is as follows (after market close):
|
Mid-quarter Release |
Tues., October 9, 2001 |
October Sales Release |
Tues., November 6, 2001 |
Third Quarter Earnings |
Thurs., November 15, 2001 |
November Sales Release |
Thurs., December 6, 2001 |
December Sales Release |
Mon., January 7, 2002 |
January Sales Release |
Wed., February 6, 2002 |
Fourth Quarter Earnings |
Thurs., February 21, 2002 |
Celebrating 100 years of service, Nordstrom, Inc. is one of the nation's leading fashion specialty retailers, with 126 US stores located in 25 states. Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 79 full-line stores, 41 Nordstrom Racks, three US Façonnable boutiques, two free-standing shoe stores, and one clearance store. Nordstrom also operates 22 international Façonnable boutiques, primarily in Europe. Additionally, Nordstrom serves customers through its online presence at http://www.nordstrom.com and through its direct mail catalogs.
| Sales Summary |
| (unaudited; $ in millions) |
Sept.* 2001 |
Sept. 2000 |
YTD 2001 (242 days) |
YTD 2000 (243 days) |
|
Total sales** |
$398.5 |
$424.0 |
$3,577.9 |
$3,440.4 |
Total sales percentage change |
(6.0%) |
15.8% |
4.0% |
7.4% |
|
Same-store sales percentage change |
Full-line stores |
(9.2%) |
8.4% |
(2.1%) |
1.5% |
Rack and other stores |
(11.2%) |
3.1% |
(5.8%) |
3.3% |
All stores |
(9.4%) |
7.9% |
(2.5%) |
1.7% |
|
Number of stores (as of Sept. 30) |
Full-line |
79 |
76 |
|
|
Rack and other |
47 |
40 |
|
|
International Façonnable boutiques |
22 |
0 |
|
|
Total |
148 |
116 |
|
|
|
Gross square footage (As of Sept. 30) |
16,707,400 |
15,661,000 |
|
|
|
*September 2001 included three Fall Sale days compared to September 2000.
**In accordance with Emerging Issues Task Force Issue No. 0010, effective Nov. 1, 2000, the company is reclassifying shipping income as sales. Comparison data in 2000 also have been reclassified. Previously these amounts were classified within Selling, General & Administrative expenses. These amounts have not materially impacted reported sales.
Certain statements in this news release contain "forward-looking" information (as defined in the Private Securities Litigation Reform Act of 1995) that involves risks and uncertainties, including anticipated store openings and distribution channels, planned capital expenditures, and trends in company operations. Actual future results and trends may differ materially depending upon a variety of factors including, but not limited to, the company’s ability to source and manage appropriate inventory, predict fashion trends and consumer apparel buying patterns, and control costs and expenses; weather conditions; hazards of nature such as earthquakes and floods; trends in personal bankruptcies and bad debt write-offs; employee relations; the company’s ability to continue its expansion plans; and the impact of economic and competitive market forces. The company’s SEC reports may contain other information on these and other factors which could affect our financial results and cause actual results to differ from any forward-looking information we may provide.
Media Contact: Brooke White Nordstrom, Inc. (206) 373-3030 |
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Investor Contact: Stephanie Allen Nordstrom, Inc. (206) 373-4034 |
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