Nordstrom: Ho ho ho for the holidays

Filed under: Earnings reports, Good news, Nordstrom, Inc (JWN)Hing-end retailer Nordstrom Inc. (NYSE: JWN) is heading into the holiday shopping season in fine shape. There doesn't seem to be any slow-down in consumer spending for designer and luxury items. 3Q 2007 total sales increased 5.3% to just under $2 billion, and net earnings increased $30 million to $165.7 million or $0.68 diluted EPS. The all important same store sales figure increased 2.2%, less than its competitors, but still an increase. On the flip side, gross profit decreased due primarily to large markdowns caused by deficiencies in inventory management. Administrative expenses and cost of sales decreased as the company tried to control costs. Nordstrom has plenty of competition in high-end retailing, and is concentrating on