SEATTLE — Nordstrom Inc. said Thursday its third quarter earnings more than doubled on an increase in sales, and the company significantly increased its full-year earnings expectation.
The Seattle apparel and shoe retailer said for the quarter ended Nov. 1, it earned $45.5 million, or 33 cents a share, on sales of $1.42 billion, compared with $18.4 million, or 14 cents a share, on sales of $1.32 billion last year.
Analysts were expecting earnings of 22 cents a share on revenue of $1.41 billion, according to Thomson First Call.
The company attributed its earnings success to improvement in merchandise assortments and expense management, among other factors. Nordstrom operates nearly 90 stores and about 50 outlets.
Sales at stores open more than one year, or same-store sales, for the quarter rose 5 percent, ahead of the company's expectation for a low-single-digit percentage increase.
Nordstrom expects fourth-quarter earnings of 54 cents to 58 cents a share, compared with 44 cents a share last year. Analysts are expecting earnings of 51 cents a share.
In addition, Nordstrom expects same-store sales improvement of 2 percent to 4 percent and a moderate improvement in gross profit.
For the year ending in January, the retailer now expects to earn $1.55 to $1.59 a share, up from an August earnings estimate of $1.33 to $1.37 a share.
Analysts expect the company to earn $1.41 a share for the year, compared with 66 cents a share a year earlier. Excluding one-time items, the company earned $1.19 a share for the year ended last Jan. 31.
Nordstrom expects a full-year same-store sales increase of 1 percent to 3 percent and a moderate improvement in gross profit.
Nordstrom's shares closed Thursday at $31.82, up $1.30, or 4.3 percent, on the New York Stock Exchange.