Nordstrom Sales Come Out on Top for Holiday 

Nordstrom Inc. is feeling rosier about its outlook faring better than initial estimates for the recently ended holiday season. 

The Seattle department store retailer, which has more than 350 stores, said Friday it projects retail sales growth of 1.5 percent for its fiscal year ending in February. That’s adjusted from previous guidance of revenue being flat. Nordstrom also said same-store sales for the fiscal year are now expected to be up in the range of 2.5 percent to 3.5 percent compared to previous guidance of a 1 percent to 2 percent increase. 

The company had previously guided adjusted earnings per share of $1.75 to $2.05, which still stands. 

“As a result of our efforts to remain competitive in the promotional environment and the strength of our offering, our holiday sales in November and December exceeded the expectations we shared during our most recent earnings call,” CEO Erik Nordstrom said in a statement. 

Holiday sales, which include the nine weeks ended Jan. 4, saw Nordstrom companywide net sales up 4.9 percent as same-store sales rose 5.8 percent. 

By division, the company’s namesake business sale net sales rise 3.7 percent for the nine weeks ended Jan. 4, while same-store sales rose 6.5 percent. 

Nordstrom Rack net sales were up 7.4 percent during the same nine-week period, while comparable sales grew 4.3 percent. 

Nordstrom is expected to report its full-year results March 4. 

Going Private

Nordstrom is set to go private after the company confirmed late last year members of its founding family, along with Mexico-based retailer and mall owner El Puerto de Liverpool, will buy the business for $24.25 per share. The all-cash deal is valued at $6.3 billion. 

The deal is expected to close in the first half of this year. 

Pete Nordstrom, chief brand officer, said the deal would pull the business into the “next phase” of its “evolution.” 

What that next phase may look like remains unknown, but the go-private deal allows the retailer and its founding family to do so away from the pressures of Wall Street investors and analysts.