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Nordstrom Sales Rise In Q3

Nordstrom reported overall sales growth despite the impact of the hurricanes in Puerto Rico, Florida and Texas. The Nordstrom Rack off-price business also continued to be a bright spot for the retailer.

Third quarter net earnings were $114 million compared with a net loss of $10 million during the same period in fiscal 2016. Earnings per diluted share for the third quarter were $0.67. The estimated reduction in earnings from several hurricanes affecting stores in Puerto Rico, Florida, and Texas was approximately $0.04. The company also estimated that lost sales impact from the hurricanes was approximately $20 million, or 60 basis points.

Total company net sales of $3.5 billion for the third quarter increased 2% compared with the same period in fiscal 2016. Total company comparable sales for the third quarter decreased 0.9% compared with the same quarter last year.

In the Nordstrom brand, including U.S. and Canada full-line stores and Nordstrom.com, net sales when combined with Trunk Club, decreased 1.2% and comparable sales decreased 1.9%. In the Nordstrom Rack brand, which consists of Nordstrom Rack stores and Nordstromrack.com/HauteLook, net sales increased 5.5% and comparable sales increased 0.8%.

In executing its digital strategy, the company delivered online sales growth on a year-to-date basis of 14% at Nordstrom.com and 26% at Nordstromrack.com/HauteLook.

The Nordstrom rewards program reached 9.9 million active rewards customers in the U.S. and Canada, up 39%, from 7.1 million a year ago. Sales from Nordstrom rewards customers represented 51% of third quarter sales, compared with 45% a year ago.